Spanish property sales have surged 28 per cent in the last year, according to official figures.
Data from the National Institute of Statistics (INE) show that the number of sales recorded in the Land Registry rose 28 per cent in March 2017. There were 36,332 home sales logged in the Register in March, the largest number for that month since 2008 at the tail-end of the market’s peak boom.
The month marks a major step up in activity compared to February, when annual growth was just 3 per cent. The Costa Dorada and Barcelona led sales, according to the INE. Indeed, sales jumped 31 per cent in Tarragona and 29 per cent in Barcelona, which means that Catalonia is home to the strongest increase in demand.
Both existing homes and new homes enjoyed strong increases, with new home sales jumping 19 per cent – the biggest increase since August 2010 – and resales soaring 28 per cent.
Balearics and Barcelona lead booming Spanish property sales
13th February 2017
The Balearics and Barcelona are leading a boom in Spanish property sales, according to the latest official statistics.
The final data for 2016 from the National Institute of Statistics (INE) show that property sales overall rose 14 per cent last year, the biggest increase year-on-year since before the market’s last boom. December saw a 7 per cent rise in transactions to 26,778, total the total for 2016 to 362,182.
The Balearics and Barcelona continue to lead demand. In the Balearic Islands, sales rocketed 31 per cent, while the Catalonian city saw transactions jump 24 per cent.
Malaga, one of the most popular hotspots on the Costa del Sol, saw sales rise just 5 per cent, the same level as Murcia, which Spanish Property Insight attributes to caution among British buyers, due to the UK’s recent Brexit vote. However, Barcelona’s appeal to an increasingly diverse level of investors – including, most notably, the Chinese – highlights Spain’s ongoing attractiveness, as rebounding values create strong opportunities for capital growth, in addition to the country’s lifestyle appeal and tourist-driven rental income.
With new home sales edging down just 3 per cent, new home sales are set to grow this year for the first time in over a decade, an indicator of how much the market has improved since the financial crisis 10 years ago. Indeed, with 2016 marking the third year in a row that overall sales have risen, and the second of double-digit growth, the market’s recovery is beginning to build momentum.
Spanish home sales surge 17pc at end of 2016
16th January 2017
Spanish home sales surged at the end of 2016, bucking concerns of a potential slowdown in the wake of the UK’s Brexit vote.
According to the National Institute of Statistics (INE), the number of transactions registered in November 2016 climbed by 17 per cent year-on-year – a significant acceleration in momentum from the 7 per cent annual growth recorded earlier in the year.
30,514 home sales were logged in the Property Register, a sign that buying activity was building again at the close of a year that saw the country face not just Brexit-related headwinds but also potential caution from buyers and sellers amid the Spanish goverment’s impasse. Resales rose 21 per cent, with new home sales also climbing, albeit by 4 per cent – also a notable turnaround from the period following the housing crisis when new home sales were falling.
The Balearics and Almeria led sales growth in November, followed by Barcelona, although the weakest growth was in Malaga, Las Palmas and Murcia, which Spanish Property Insight attributes to a post-Brexit dip in demand from British buyers. Nonetheless, the INE data is a positive sign for the coming year. Indeed, enquiries for Spanish property on TheMoveChannel.com doubled month-on-month in December 2016. Recent reports also highlight an uptick in Spanish Golden Visa investments from non-EU buyers.
Foreign sales of Spanish property increase
24th November 2016
Foreign sales of Spanish property continued to increase in the third quarter of 2016, as the country’s overseas appeal remains strong.
New figures from the Spanish Land Registrars’ Association show that foreign demand for Spanish homes jumped 9.4 per cent in the three months to September 2016. Around 13,700 foreign-buyer deeds were logged in the Land Register in the third quarter, up almost 10 per cent year-on-year, highlighting the steadily building momentum in Spain’s housing market.
Indeed, in a promising indicator for the recovery’s future, domestic sales are also improving now, with purchases by Spanish nationals up 11.3 per cent year-on-year, outpacing international purchases for only the second time since 2014.
The figures arrive as the property industry reacts to two major political events: the UK’s surprise vote to leave the European Union and the election of Donald Trump to America’s White House. Both have impacted exchange rates for two major currencies: the US dollar and the pound. Both of these, in turn, have impacted spending activity in other denominations. In the UK, for example, overseas interest in British property has risen, because the weak sterling makes real estate more affordable for buyers in China and other destinations.
According to the Spanish Land Registrars’ Association, the pound’s immediate drop following the Brexit vote may also have impacted British demand for Spanish property, with sales to Brits slipping 16 per cent in Q3 2016 compared to Q3 2015. However, Brits remain the biggest spenders on Spanish property, with the UK making up 18 per cent of sales, ahead of runner-up France (9 per cent).
On TheMoveChannel.com, demand for Spanish property has decreased from earlier in the year, but has remained constant since July, with Spain remaining the second most popular destination for the last four months in a row, behind only the USA.
How levels of demand will vary in the coming months, as the UK begins its Brexit negotiations with the EU, is yet to be seen, but one consistent trend is the focus of foreign buyers upon the Mediterranean coastline. A report from CaixaBank confirms that the recovery is “particularly strong in some zones”.
“Foreigners buying second homes lie behind a large proportion of the sales recorded on the Mediterranean coast and Canary Islands,” it continues. “Specifically, these account for more than 30 per cent of the total purchases made in the Balearic Islands, the Canary Islands, Malaga (Costa del Sol) and Murcia.”
Spanish homebuilder Taylor Wimpey España confirms that it has experienced “an influx of interest” for the Costa Blanca region, prompting the launch of its newest phase of development at the Brisas de Alenda Golf residential complex in Elche, Alicante.
Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España, emphasises the ongoing link between the country’s tourism industry and property activity: “Not only are more people visiting Spain but many are now being wooed by its charm and staying longer than before. The Costa Blanca continues to be an extremely popular area for prospective buyers, with many making a number of visits before final decisions are made on property.”Google+