Positive signs for property market in Spain

New data shows that the average price of new and second hand residential properties in Spain increased by 4.3 per cent over the course of 2017.

According to a report from ST Sociedad de Tasación, one of the largest real estate valuation firms in Spain, new home growth picked up significantly during the second half of the year, rising to 2.3 per cent from a rate of 1.7 per cent for the first six months of 2017. The company’s Confidence Index has also ticked upward, with buyer confidence increasing in the first quarter of 2018.

Meanwhile, new figures from Tinsa also reveal that the trend has continued into 2018. The price of new and second-hand housing was up by 5.4 per cent in the year to April 2018. According to Tinsa, this is the highest growth rate recorded since the third quarter of 2007.

What’s more, Spanish property sales were up by nearly 30 per cent in April 2018, compared to the same month a year earlier. According to the government’s central statistics unit, a total of 42,014 properties sold in April, with year-on-year transaction increases recorded in all 17 regions.

The biggest rises were 59.1 per cent in La Rioja and 50.2 per cent in Murcia.

All this data will be seen as hugely positive for a property market that has spent most of the last decade in the doldrums. Experts believe that the Spanish property market is now at its strongest point since the financial crash in the late noughties.

Article published 19th June 2018