Spanish Minister Tells British Expats they are More than Welcome to Stay in Spain

No one fully knows yet, but Spain needs the brits

and will be allowed to stay in Spain

Spanish Minister Tells British Expats they are More than Welcome to Stay in Spain

It seems like the fearmongering headlines about Brexit and the potential fallout have all but vanished recently, but there are still many people who are left with unanswered questions and a lot of worrying “what if?” questions. 

While a complete 100% answer about what Brexit means for EUcitizens and Brits alike, the politicians who are going to be involved in those decisions are saying positive things at the very least.

This includes Spanish Foreign Minister Alfonso Dastis, who told The Andrew Marr Show on BBC1 that even if the UK is unable to secure a deal on Brexit when leaving the EU, the British people in Spain would be allowed to remain where they are.

Brussels and the British government have been locked in an impasse that is a reflection of the political problems the two have been dealing with since the result of the referendum last summer. The “divorce” negotiations are so complex and complicated that there has yet to be a single cause that British PM Theresa May appears to be protecting above all others. Free trade appears to be important, but there are problems with that. This is also the case with free movement of people, which is only becoming a more heated discussion with immigration fears.

Prime Minister May has at least made some concessions for EU citizens living in the UK and says their situation won’t change, and these words were mirrored by Dastis when he said that he hopes there will be a deal and that – should no deal arise – the Spanish government will endeavour to ensure the lives of British people living there are not disrupted.

Dastis added that there is a very close social and economic relationship between Spain and Britain. Spain welcomes over 17 million Brits a year and a lot of them go to the country to live and retire, and Spain wants to continue this relationship as much as they can.

Spain has become the popular choice for Brits living in theEU. The official statistics from the UK show there are 308,805 Brits currently living in Spain, but the real number is estimated to be at least twice this. Around a third of the Brits living in Spain are over 65 years old according to this same source, and that the proportion of retirement-age expats is growing.

Spanish Expats in UK Contribute £802 million to British Economy

Expats continue to fund the economy 

Spanish Expats in UK Contribute £802 million to British Economy

The never-ending love affair between the UK and Spain – outside of the occasional spat over Gibraltar – should be a reminder to everyone who wants to spread the idea that Europe is divided that even countries that are as “different” as these two countries have a lot of respect, admiration and love for each other.

Brits are in love with the climate, beaches, hospitality, and traditional foods and wines of Spain. Spain, on the other hand, loves the culture, history, fairness, liberal economic and working conditions and the food and beer of the UK. 

While there are certainly more Brits living in Spain than the other way around, the gap started to close with thousands of young Spaniards moving to Britain to escape the recession and find work. 

Some of those Spaniards are moving back home now the economy in Spain is improving, but data from the HMRC in the UK has shown there are still many Spaniards living in Britain and they are proving to be great for the country. 

The data showed that Spaniards contributed £802 million in taxes in 2014 while claiming only £62 million in benefits. This gave the UK economy a major net benefit and puts the Spanish in sixth place in the list of the top ten countries contributing taxes to Britain. 

France comes top of the list, with French residents paying a whopping £2.3 billion in taxes during 2014, putting them ahead of the Polish, who contributed £2.2 billion. As close as these figures are the net benefit of French expats is much higher than the Poles with a ratio of 25.6 compared to 2.4 for the Poles. This shows that Polish immigrants are more likely to claim benefits compared to French immigrants. 

Spaniards provide a net benefit ratio of 12.9 which makes them one of the best contributors to the British economy according to the HMRC data.

Great News for the Spanish Economy; Unemployment Falls by 180,000

Great News for the Spanish Economy; Unemployment Falls by 180,000

Jobs continue to be created 

Over 182,000 jobs were created in Spain during the third quarter of last year between July 1^st and September 30^th, bringing down the percentage of unemployed people to 4.66% and bringing the total number of unemployed people to 3.73 million; the lowest figure since 2008.

The third quarter has always been the strongest time for job creation in the country as it includes the busy summer period where plenty of seasonal jobs are created. However, when viewed over a long period of time the trend becomes very encouraging; the third quarter has been a booster for Spanish employment figures for five years running now, and the performance last year follows a strong second quarter that saw Spanish total unemployment drop below four million for the first time since 2009.

The data comes from the Active Population Survey (EPA) published by the government. The EPA registers not just unemployed people that report to their local employment office, but also the jobless people that aren’t registered for whatever reason. This means that the figures in the EPA are higher than other sources.

Even so, the data shows that the unemployment rate for Spain has fallen to 16.38%, which is about 2.5% lower than last year and continues the positive trend of an increase in job security, growth and financial stability of households and businesses.

Spanish Mortgage Approval Rates hit Seven-Year High

Mortgages are on the up and banks start to lend more.

Spanish Mortgage Approval Rates hit Seven-Year High

Some 26,583 mortgages were approved in Spain during August, making it the highest monthly figure since 2010, not to mention a massive increase of 29.1% compared to the same month last year. 

The continued upward trajectory of Spanish real estate has been made clear by a range of data released over the year. Whether it’s the number of transactions, or prices, or regional growth and overall outlook, the Spanish real estate market is in good health and only growing.

This recent data, which comes from statistics released by the Spanish central statistics unit, is perhaps the most accurate reflection of how things are right now. The numbers tell us that the peak of summer is when the most homes are bought, and the economic data shows that more and more Spaniards feel financially secure enough to begin climbing the property ladder.

The figure is naturally topped up by buyers from Britain, Sweden, Ireland, Germany, and other countries. This is shown by the fact that Andalucía, home of the illustrious Costa del Sol, saw the highest annual increase in August mortgage approvals. 50.2% more mortgages were approved in Andalucía compared to August of last year.

The average mortgage amount is also increasing, albeit not as sharply as mortgage approvals. The average mortgage amount has increased a minor 0.7% to €111,488, which is still encouraging despite being lower than the average increase in property prices. It shows that banks are once again feeling confident enough to lend money.

When taken as year-to-date statistics, the first eight months of 2017 saw over 210,000 mortgages approved, which is an increase of 12.85% over the same period of 2016. When looked at in terms of the past 12 months, the increase becomes 12.1% with 306,000 mortgages approved in Spain between August 2016 and August 2017.

Market Analyst PwC Says Conditions for Investing in Spanish Property are “Perfect”

Market Analyst PwC Says Conditions for Investing in Spanish Property are “Perfect”

Spain continues to be a fantastic long

term investment

The financial analyst firm PwC recently published a positive assessment of the Spanish property market, saying that the sector was “perfect” for investment in 2018. The report, titled Tendencies in the European Property Market in 2018, looked at leading property markets in the continent, assessing past performance and potential futures.

PwC believe that 2018 will be as strong as 2017 for the Spanish property market, with both sales numbers and average prices expected to increase. An interesting part of the report is the correlation between the health of the European economy and Spanish property. As European countries get stronger financially and have better job security, the Spanish real estate sector improves.

These parallels may be obvious but they aren’t always clearly defined by historically cautious analysts. Because of how foreign homebuyers affect the Spanish property sector, the more confident and rich Europeans are the better it is for Spain. 

Conditions in the country itself also make investing in Spanish property attractive for both domestic and foreign investors. Prices are expected to increase between 4-6% during 2018 and this kind of growth is ideal. It balances out returns on investment without increasing so much that it scares financial markets and banks. 

When you consider that Spanish property prices are still around a third lower than they were at the peak of 2007 and it’s obvious that Spain guarantees value for money when it comes to property.

The report was also impressed by how Spain is able to maintain interest in the recovery of their property market. Values and sales have been growing steadily for the past three years now, and PwC were pleased by this stability. This is why they concluded that Spanish investment conditions are “perfect”, which is high praise.

Data Shows January Spanish Home Values up 3.6%

2018 is a perfect time to buy costa del sol property

Data Shows January Spanish Home Values up 3.6%

Statistics published by Spanish property valuation firm Tinsa this week show the average home in Spain was worth around 3.6% more at the end of January 2018 compared to January 2017. 

With the increase of between 5-6% in 2017 – depending on the metric – signs are strong that 2018 will be another positive year for Spanish property. 

The data from Tinsa highlighted not just the nationwide average increase of 3.6% but also different regional variances. The data showed that property prices were up over 5% in the larger cities and provincial capitals of Spain during January, with an increase of around 4.1% across the Balearic and Canary islands.

Average prices increased around 3% for most of the Mediterranean coast, which is just below the national average. This is a reflection of the fact that demand for coastal properties is generally at its lowest in the winter months. Tinsa believes that home prices across the Mediterranean will reach above the national average as the summer sets in. 

An interesting note is that while the data from Tinsa doesn’t reveal the average selling price of Spanish homes for January, it does say that home values have reached the averages of June 2013, which was a time when the market faced a number of price corrections. 

Things were moving downwards back then while they are moving upwards today, and substantially at that. Home sales are increasing by an encouraging amount; 11-15% over the past few years. The average mortgage loan amount is also steadily increasing.

2017 Sees Nine-Year High in Spanish Property Sales

Southern Spain is truly back.. 

2017 Sees Nine-Year High in Spanish Property Sales

The National Institute of Statistics in Spain (INE) has published the latest provisional residential property sales figures for 2017 which show last year saw a nine-year high for total property transactions. 

This means that 2017 has become the most significant year for the Spanish property market since 2008, which was when the bubble burst and the crash began, leaving the real estate industry in a state that it has taken years to recover from.

Signs have been suggesting that the property market in Spain has been recovering since 2013, but this latest data marks the first time that the market has reached pre-crash conditions. Property sales figures increased across all 17 autonomous regions of Spain, and the 14.6% nationwide increase over 2016 sales figures left the total figure at 464,423 homes sold in 2017. 

This is in stark contrast to the 312,000 homes changing hands in Spain during 2012, which was when sales started bottoming out at the height of the recession. 2017 ended on a positive note as well, as the 32,211 transactions recorded for last December was an increase of 9.2% over December of 2016. It’s also around twice the notary data published recently that estimated sales would increase 4.5% in December. 

The fastest-growing region of Spain last year was Castilla-La Mancha, which saw an impressive increase in property sales of 24.7% compared to 2016. This is an area that doesn’t usually bring in foreign buyers, suggesting that a large part of the uptick in the Spanish real estate sector is caused by domestic recovery. 

Foreign buyers still remain an important part of Spanish real estate though, accounting for around 15% of home buying activity in 2017. Of this, Brits were responsible for around a fifth of all sales to foreign investors.

Holiday Price Rise Next Year According to Thomas Cook

Spanish Popularity My Lead to 5% Holiday Price Rise Next Year According to Thomas Cook

Malaga airport has broken all records again for

tourists visiting the Costa Del Sol 

Leading travel agent Thomas Cook told British holidaymakers that the average trip to Spain in 2018 will cost around 5-10% more than it did compared to last year because of the increased demand and the pound being weaker.

As British, Irish, and Scandinavian holidaymakers begin to forgo other areas of the Mediterranean due to the threat of terrorism, Spain has seen record numbers of visitors. The official data shows that 2017 was the best year ever for Spanish tourism. This increase in demand also means that supply may have trouble keeping up however. This is why Thomas Cook believes holidays may be up to 10% more expensive in 2018.

Thomas Cook remarked that there was evidence holidaymakers will continue to snub Egypt and Turkey – despite the resorts in those countries being cheaper than Spanish resorts. Safety will always win over affordability, according to the travel agent. While the pound may weaken against the euro even more next year, the amount of British visitors going to Spain in 2018 isn’t likely to change, according to Thomas Cook Chief Executive Peter Fankhauser.

The executive also added that Spanish hoteliers are to take advantage of the unique position Spain is in by increasing their prices, but did add that many of them would use the additional profits to improve their facilities and expand upon them to guarantee long-term gains over short-term profits.

Monthly Sales Figures for Spanish Property Top 40,000

Monthly Sales Figures for Spanish Property Top 40,000

The Costa Del Sols continues to grow in property

valuation which is great news 

An analysis of Spanish property sales data by market valuation and appraisal firm Tinsa shows that transactions have stayed steady around the 40,000 mark for the last few months. The performance suggests that the Spanish property market is entering the next phase of growth; a sustained, steady, and encouraging stage of growth that comes after the rapid increases in property purchases found when markets initially recover.

The analysis from Tinsa runs up to the end of July, when 38,841 Spanish properties were sold. This represents a 16.8% increase over July of last year and also means that – taken as being the end of a 12-motnh period – property sales were at their highest level for over six years, reaching a total of 437,000.

All 17 of the autonomous Spanish communities recorded increases in sales, with Tinsa forecasting that there could be half a millionsales recorded in 2017 – which would be the largest figure for a decade. If this was to happen though, it would mean monthly sales averaged 44,000, which sounds a little too optimistic for the current market.

Even so, with sales figures growing steadily and the robust economy, the Spanish property market can be confident about the 2018 ahead of them.

Spanish Second Home Market Redefines Itself

Spanish Second Home Market Redefines Itself

Costa del sol continues to lead the way in property sales and rentals

There’s no such thing as a “typical” overseas buyer when it comes to Spanish property. For every millionaire looking for property in La Zagaleta, there’s the average Joe that has worked hard to finally invest in an overseas property.

However, it’s well known statistics can be manipulated to tell any story, which is what happened with real estate portal Donpiso. The results are interesting to say the least.

The data shows that an average holiday home in Spain costs €200,000, is o the or near the coast, and is purchased by couples between 35 and 49 years old, with children and a regular monthly income of at least €3,500.

The cheapest coastal region in Spain to purchase property is Murcia, where the average holiday home costs just €150,000. The figure increases as you move across the Costa Dorada. Costa Brava and Costa Blanca with those buying second homes on the Costa del Sol spending an average of €350,000.

It’s true that you really can do anything with statistics. Even though house prices do rise on the Costa del Sol faster than anywhere else since the beginning of the recovery, €350,000 is still higher than the average price one would be paying for a home in the area.

The figure is skewed as Marbella is where the most expensive postcode in the country is found, along with many exclusive neighbourhoods and urbanisations packed with luxury homes. In the more affordable areas of the region, buyers can get a property for the bargain price of around €200,000.

Other trends related to dates show that the summer is the busiest time for buying holiday homes, while demand cools off during the run up to the Christmas holidays.

Another study from Marbella Property Group praised the Spanish property sector, stating that the industry has undergone a major transformation as of late with higher employment levels, an increase in disposable income, and a rise in consumer confidence boosting housing demand, along with the 20.2% increase in mortgage lending in March of 2017 compared to last year.

New Market Value Data Shows 4.3% Price Increase for Spanish Properties in October

Spain property prices continues to grow in value 

New Market Value Data Shows 4.3% Price Increase for Spanish Properties in October

The latest data from Spanish property valuation firm Tinsa has shown that the average Spanish property price in Spain increased 4.3% in October of 2017 compared to 2016.

The statistics are for the entire country, meaning there are some regional variations to take note of, particularly the increase of 6.4% in provincial capitals and large cities like Barcelona, Madrid, and Malaga.

An interesting thing to note is that properties close to the Mediterranean coast have only increased 0.9% in market value for October over last year. This is somewhat of a blunt measurement by Tinsa however as anyone who lives on the Costa del Sol can tell you that not every Mediterranean region and resort is created equal.

Costa del Sol properties tend to increase at a steadier pace than in other areas. There are less peaks, but there are also less troughs, meaning that Tinsa putting all Mediterranean regions into a single category is somewhat misleading.

With this said, this category has also seen a 4.3% increase in home values over the first ten years of the year over the same period of time last year. That gives a better picture of how the markets in the Mediterranean are doing.

The market value data from Tinsa was published with a snapshot of different market indicators. Other statistics show that mortgage approvals improved 13.2% leading to August over the same period last year; a 7.91% reduction in employment to date in 2017; and the rather encouraging statistic that property sales have increased 14.3% in 2017 up to August compared to the same period of 2016. 

Spanish Property Market Forecast 9.3% Growth in 2018

Spanish Property Market Forecast 9.3% Growth in 2018

Spanish Property continues its recovery 

It’s estimated that 526,000 properties will be sold in Spain during 2018 – an increase of 9.3% over the 481,000 home sales expected in 2017.

The anticipated growth will also bring in a nationwide average price increase of 6.1%, which is just under the 6.9% price increases from this year. Properties will still be affordable in 2018 however, as even with this anticipated 6.1% price increase average Spanish property prices will still be a good 27% below the peak from 2007.

The data comes from Anticipa, one of the leading real estate providers and analysts in Spain. The firm compared the projections for next year against the performance of last year – 2016 – and found home sales increased 21% between 2016 and 2018.

This is an impressive level of growth, especially when set against the crash in Spanish property less than a decade ago, not to mention the following economic problems Spain has had, including a recession.

The analysis for 2017 comes from the fourth quarter projection that home prices are set to increase 5% during the final three months of 2017.

What’s most exciting about the forecast is the calculation that over 520,000 homes will be sold next year. This would mark the first time that over half a million homes have been sold since 2008, which is nearly double the figure from 2013 when only 285,000 homes were sold. 

While the forecast for next year is still around 42% less than the record 900,000 homes sold in 2006, it’s built on a solid foundation unlike 2006 when the credit bubble was set to burst at any moment. 

Tour Operator Thomas Cook to Open New Spanish Airline

Tour Operator Thomas Cook to Open New Spanish Airline

Good news for Spain and traveling passengers 

UK-based Thomas Cook – the creator of many package holidays (and memories thereof) for Brits – recently announced that they are to set up a brand new Spanish airline to cope with the expected increase in flights to the country in 2018.

During a time where a number of cheap airlines are going bust – such as Air Berlin and Monarch – or are struggling with staffing problems – such as Ryanair – Thomas Cook is looking to take advantage of the uncertainty of the industry by entering what could be the most competitive, and potentially lucrative, aspect of the aviation industry; serving the country of Spain.

Spanish airports are some of the busiest in Europe, bringing in holidaymakers from around the world across the year, mostly thanks to the perennial popularity of the country as being one of the very best tourist destinations in the world.

This is why Thomas Cook are to base their newest airline in Palma de Majorca, and are to begin flights to and from the Balearic Island from early 2018. The fleet will start out as three Airbus A320 planes, flying with a Spanish operating license, but Thomas Cook has said that they are likely to increase their fleet to meet the demand they expect to see.

Chief Ariline Officer of Thomas Cook Christopher Debus released a statement saying that the new base and airline will provide them with the platform to manage the seasonal demand for their business better, giving them better control over things at a lower cost as they continue expanding their destination choices for customers.

As large a company as Thomas Cook is, even they typically make losses during the winter. This is why operating seasonal staff directly from Spain allows the company to respond better to the demand and maintain profits between November and March, which is generally the quiet times for the company and Spanish tourism as a whole. 

Operating out of Majorca allows the Thomas Cook Balearics Division to better loan planes to other group divisions, meaning that the firm should have a better looking balance sheet. Thomas Cook currently have 94 aircraft and deal with a total of 16.7 million passengers on an annual basis.

Beyoncé’s Spanish Single Set to Dominate the World

Beyoncé’s Spanish Single Set to Dominate the World

Beyoncé dominates the world stage with her singles

It feels like global superstar Beyoncé certainly has the Midas touch. The American singing sensation has spent the better part of a decade releasing smash hits, but one market in particular proved to be resistant to her musical charm; the Spanish language market.

It looks like this could all change soon though as Beyoncé recently released her new single Mi Gente (My People); a remix to raise funds for the victims of the recent hurricane in Puerto Rico and people from the other affected areas in the Caribbean. The single will also support the victims of the Mexican earthquake.

This fact alone would be enough to send Beyoncé into the Spanish mainstream – not that she was ever considered an unknown – and it comes on the heels of the Spanish song Despacito becoming the most streamed song in history.

Music experts believe that Beyoncé singing in Spanish will inspire more Latino singers to go back to their native language rather than writing and releasing songs in English.

Forbes predicts that Mi Gente is set to become a smash hit around the world, helping to spread the vibrant Spanish language to a wide global audience.

Beyoncé is set to add a touch of her own magic to the party – ensuring that the Spanish language will cement itself squarely into the minds of many musical fans across the world and boosting the popularity of learning Spanish as a second language in the process.

Spanish Property Puts a Price on the Feel-Good Factor

Spain has been recovering from its worst crisis since Franco day 

and continues to do well in all sectors.

Spanish Property Puts a Price on the Feel-Good Factor

The raw data and the statistics gleaned from it might be effective for showing the strength of particular trends, but less tangible emotions come into play with things as life-altering as purchasing Spanish property. 

When analysing the most recent positive data for Spanish property from last month, the leading property consultant of Knight Frank mentioned that what they called the “feel-good factor” had quite the positive impact on both the prices and amount of sales of property in Spain. 

But just what is the “feel-good factor”? Is it possible to measure it? Or could it be considered the general sense of excitement about the current state of the Spanish economy?

Think about the last time you took a great holiday. You might not remember how much you spent, when your flight was, or even which hotel you stayed at. What you will remember though is how warm the sun was and how that made you feel; how you were relaxed when you felt the sand between your toes, and the wonder of al fresco dining with a warm evening breeze. 

The Spanish property sector is being washed with similar positive waves. There’s no doubt that rising house prices, increased sales volume, and interest in property from home and abroad underpins the overall positive vibe, but there’s a real sense that it’s Spain’s time to shine under all the hard data.

There are some problems in the country of course, but Spain is certainly beaming after spending about a decade as the poor man of Europe. The effects are starting to spread to the Spaniards themselves, who now have more job security and better pay than they’ve seen in over a decade. Even the average holidaymaker and homebuyer is benefiting, as they have a wealth of choice, affordability, and quality waiting for them in Spain. 

The summer may have ended for much of Europe now, but the sun is still shining – both figuratively and literally – across Spain and it looks like it’s not about to set any time soon.

Data Shows Spanish Building Industry to Grow 4% Annually

Data Shows Spanish Building Industry to Grow 4% Annually

Crain's have returned to the Costa de Sol which is all positive 

Bloomberg describes the Madrid skyline as being a forest of cranes. While the capital of Spain is still nothing compared to the forest of cranes Dubai once was, there is definitely a noteworthy amount of building work happening around the city.

The Spanish construction industry is back and better than ever. The number of new builds in 2013 fell off a cliff, dropping 96% compared to the peak of 2006. Not many would have predicted that it would take just four years for the industry to be full of cash and confidence once more.

Data from the Ministry of Public Works shows that the building industry – which includes constructing new homes and offices – is set to grow 4% annually through 2020, with a 5% increase expected in just Madrid.

The benefits of the stable real estate industry are being felt outside of Madrid as well. Building sites are propping up all over Spain, with data from Bloomberg showing a small but steady increase in construction.

Building activity is beginning to reflect the Spanish economy, which itself is expected to rise by over 3% for the third year running. The data shows a positive trend where projects are quickly replacing one another and leading to constant activity. The building industry appears to be making up for lost time.

Additional data from the College of Property Registrars in Spain shows that property sales for new homes in Madrid and Catalonia has increased 10% for the first quarter of 2017, almost identical to the growth in resale properties. The fortunes of the two sectors are connected, even though new build activity typically follows the trends in resales – a trend that is particularly true for the Costa del Sol, where new build activity has picked up significantly in the past 18 months.

Felix Lores, an economist with BBVA Research, believes Spain has learned their lesson from the last property boom. This time the recovery is being anchored on sustainable models of consumption and exports rather than on the bubble of short-term credit.

This represents a significant difference from what happened in the past. It’s expected that the annual increase for new home constructions in 2017 and 2017 will be over 6%. Typically a surge in construction activity would lead to an increase in GDP, which relied on the property sector. This time things are the other way around.

Spanish Property Sales up 16% in August

Spanish Property Sales up 16% in August

Property sales continue to rise

The 41,282 homes sold in August means that the Spanish property sector has once again enjoyed the benefits of the improved economic outlook across Europe in the summer. The sales figures for August come from official INE data and represent an increase of 16% compared to August of 2016. It’s the seventh year in a row that monthly home sales have increased for 2017.

The only anomaly in 2017 came when figures dipped slightly in April 2016 – a blip that is believed to be caused by April being the month of Easter this year.

August saw a nationwide increase in home sales across all 17 of the autonomous regions of Spain, with a 37.9% increase in Castilla-La Mancha and a 32.5% increase in Comunidad Valenciana, which saw 163 sales per 100,000 inhabitants.

When taken as a yearly figure through the end of August, Spanish home sales reached 315,795 so far in 2017; an increase of 14% compared to the same time period in 2016.

Looking even further, the 12 months between August of 2016 and 2017 shows 443,483 properties were sold. This represents an increase of 13.1% over the figure for the previous 12 months and showcases a massive increase of activity in the property market since 2014, when property sales were less than 300,000 annually.

Spanish Property Prices Increase 5.6% in Second Quarter

Spanish Property Prices Increase 5.6% in Second Quarter

Property prices continue to rise and recover

from the 2009 crisis

It’s difficult to put together an accurate figure that tells all about the current state of Spanish property prices. Not only is there regional variation to contend with, but there are also a range of different metrics used, including average mortgage loans and recorded transaction prices.

Perhaps the most accurate metric would be the price per square metre of residential property. This data is monitored by the central statistics unit of the Spanish government, which last week revealed that the average cost of a square metre of Spanish property rose 5.6% in the second quarter of this year compared to the second quarter of last year. 

There were higher price increases in some regions compared to others. An encouraging bit of news is that 16 of the 17 autonomous regions of Spain registered increases in property prices. Madrid and Catalonia topped the tables with respective increases of 10.9% and 9.3%. 

At the bottom of the table came Castilla-La Mancha, Murcia, and Extremadura; recording respective gains of 0.8%, 0.3%, and 0.4%. 

The national increase is right in the middle of the prediction of 4 – 7% annual increases made by Spanish banks just last week. It’s also a reflection of the general health of the Spanish property market, which is seeing a steady increase in the amount of sales.

Priciest Spanish Property Neighbourhood Found in Costa del Sol

Priciest Spanish Property Neighbourhood Found in Costa del Sol

La Zagaleta in Benahavis is some one of the most

expensive areas in Spain

Variety is the name of the game when it comes to the Costa del Sol. Ibiza might have all the clubs, Majorca might have all the cycling, the Canaries might have stunning weather, and Costa Blanca might have the beaches, but the Costa del Sol puts it all together and even does some things better.

Costa del Sol property is no exception. Madrid has some of the most prestigious Spanish streets, and the inland pueblos of Andaluccan help you get the most for your money, the Costa del Sol offers a lot at both ends of the spectrum.

The latest data from nationwide estate agency Idealista analysed data about Spanish home prices and found that the most expensive neighbourhood of Spanish property is found in none other than the Costa del Sol.

The name of the area is La Zagaleta, an urbanisation nestled in the verdant hills off Benahavis. Property there costs an average of €5.6 million and it’s hardly surprising. The gated communities around here are where you can find the richest, most famous people in the world.

There are several reason that La Zagaleta draws in these elites, and the exclusivity of the area is reflected in the property prices. There is a superb climate here, along with some fantastic views of the Mediterranean, incredible accessibility to all the best clubs and restaurants of Puerto Banus, and – of course – seclusion. There are no prying eyes or flashing cameras, and some of the villas come equipped with a helipad allowing the people living there to be as secretive as possible when it comes to arriving and leaving.

Outside of the Costa del Sol, the La Moraleja neighbourhood of Madrid is the second-most expensive postcode in Spain with average property prices of €5.05 million. After this comes the Castillo de Aysa of Madrid with €5 million, and the Avenida del Tibidalo in Barcelona coming fourth with average property prices of €4.83 million.

Spanish Economy Growing Three Times Faster than UK

Spanish Economy Growing Three Times Faster than UK

Spain continues its incredible recovery 

The New York Times is calling it the end of a the nightmare, while other media outlets took a more sedate approach to reporting the latest official economic data from the Spanish government; not only is the Spanish economy growing, but it’s growing at a much faster rate than the rest of Europe.

It’s been almost a decade – that’s ten years – since the worst economic crash since the Second World War hit Spain, leaving millions out of work and pushing thousands to just give up and leave Spain behind. Most believed that they would be displaced for the rest of their lives, a sign of just how deep the financial abyss Spain was dealing with between 2008 and 2012 was.

But the slow, steady, sometimes painful reforms to labour and the economy has given Spain the necessary power to climb out of the slumps and post economic growth of 0.9% across the second quarter of 2017.

This figure might not sound impressive, but it’s actually a sign of incredible performance; by itself as well as in a wider context. A growth rate of 0.9% is 3 times higher than the growth of the UK, and around twice the growth of France; which saw economic growth of 0.5% during the same period.

The figure is even more impressive in context, given that Spain was one of the two countries in Europe facing a double dip recession in the credit crunch. This data from the second quarter also marks the continuation of growth pushing economic growth in Spain past 3% for the second year in a row – which would make it the best performing economy in Europe.

Spanish unemployment plummeted to 26% during the worst parts of the crisis. These days unemployment has been brought down to 17.2% and it continues to fall. HIS Markit economist Raj Badiani suggests that the growth of consumer spending regained momentum during the second quarter following strong job creation and the overall financial climate.

It seems the strong performance of Spain may give some inspiration to the new President of France Emmanuel Macron, who is currently considering introducing labour reforms to France that are similar to those employed by Spain since 2010; including loosening employment laws that made it easier for companies to lay off their workers. This has had an effect of companies becoming more willing to hire new staff, knowing that they are not tied down by long-term employment contracts.

The reforms have helped boost the manufacturing sector of Spain, boosting the export economy of the country. Exports are now accounting for around a third of Spanish economic output, higher than the less-than-one-quarter seen a few years ago.

As exports are on the up, the local governments of Spain have also been able to increase tax takes, with the money spreading into the wider economy; as seen in the increase of infrastructure projects being constructed nationwide.

Spain has picked itself up and is looking healthier and more stable than ever.