The latest figures released by the National Institute of Statistics (INE) here in Spain, for the full year of 2016 confirm that the property market in Spain has expanded by 14% in 2016. This is the biggest increase since the run up to the last Spanish property boom.
The report shows 362,182 property sales were recorded on the Spanish property register in 2016 (rising to 403,866 if subsidised housing is included) making the 14% increase for the year. The final months figures from 2016 showed a 7% increase with 26,778 sales recorded in December.
Even more encouraging the growth in 2016 confirms a period of three years consecutive growth since the market bottomed out in 2013. Additionally the recent increases are significant with two consecutive years of double-digit growth.
Here in Malaga sales rose by 5% in 2016 (Costa del Sol) which was below the national average, probably due to a fall in British demand in the run up to, and post, Brexit, further impacted by the fall in the value of the British currency.
A strong international demand from an increasingly diversified global market led by the Chinese ensured Barcelona sales were very strong, up 24%. We look forward to these buyers discovering the charm and climate of Marbella!
Whilst these figures prove there is a real and sustained recovery in property sales, there is still plenty room for further growth, as the market is still smaller than it should be when taking into account the Spanish population and housing stock.
With small investors moving out of cash and deposits due to low interest rates, and transferring their assets into property investments this trend is likely to continue in 2017.
Contact Luxury Villa Sales on +34 952 77 44 33 now to get yourself into the 2017 statistics, or more importantly into the sun!