Massive 24% increase in Spanish property sales in May

Published on 25/07/2016 in Spanish Property

May saw a huge 23.6% rise in the number of sales of Spanish properties year-on-year. The number of sales in the month hit 36,425 and was the highest monthly total since January 2013.

May’s sales were mainly made up of resales with 80.8% of all properties sold during the month being resales while just 19.2% were new-build. This said, both new-build and resales saw totals rise year-on-year by 12% and 26.7% respectively.

Regional results

The region with the highest number of sales in May was Andalusia at 7,013, it was followed by Catalonia at 5,591 and the Valencian Community with 5,082 while Madrid was in 4th place after registering 4,952 sales for the month.

 

The only region to see sales fall year-on-year was Navarra with a decrease of 20.2%. The strongest increases were seen in the Balearics: +70%, La Rioja: 68.9% and Murcia: 61.8%.

In addition to the Balearics and Murcia all other tourist regions saw double digit increases in sales. In the Canary Islands growth stood at 38.7%, in Catalonia the increase was 27.7%, Andalusia: 13.7% and the Valencian Community: 13.2%.

Significance

The increases in prices and sales continue rolling in for Spanish property and the signs are extremely good for the coming years. The Brexit has had an effect on confidence in the market but we expect that effect to wane over time particularly with a rebound in the strength of the pound once more clarity is brought to the UK’s new role in Europe.

The best gauges of the reaction of British buyers of Spanish property to the Brexit will come when the Registrars release their data on foreign buyers for the second and third quarters of 2016 as well as the mood at the A Place in the Sun exhibitions in Birmingham and Glasgow later this year.

Main image: Artist’s impression of the Loirados development on the Costa Blanca ©Patrimi Resorts S.L.

Written by: Fuster & Associates

About the author:

http://fuster-associates.com




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Comments:

amogles said:
28 July 2016 @ 16:37

However, in times of uncertainty, people also tend to shift their investment behaviour towards more long term strategies, and this includes property. Despite positive signs, the Spanish property market is still only just recovering for a terrible low and there are still real bargains just waiting to be picked up. With people fearing Sterling will crash, they rea moving into Euros and a property in Spain thus becomes a very attractive proposition, maybe also with a view towards acquiring Spanisg citizenship should the Brexit turn ugly.


Spanishpunter said:
26 July 2016 @ 10:44

History shows that when there is economic uncertainty in UK people suspend their interest in buying a holiday home in Spain , and indeed in UK. Those buying for retirement have a new problem to consider from Brexit: Free access the local health service.
until this is resolved many will be reluctant to retire to Spain and other parts of EU.
Once this is resolved potential buyers will then re-asses their approach:- some of course will no longer be able to afford private health if it is not free
It will be circa Q1 of 2019 before we get a pre- election boost to the economy and confidence returns so it is looking like UK demand for buying in Spain to be slack until then
As it was post 2008, some will still look for the bargains but with local demand and from other parts of EU, there may not be many about because even without the Brits the outlook for good property in Spain is certainly looking brighter
So whilst many in UK dream of a home in Spain, they voted to make it more difficult to achieve! But then there are a lot of contradictions about the Brexit vote!
Including of course the fact that huge numbers of Brits holiday abroad and they voted for effectively a 'large cost increase of doing so'!!!


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