Good News Update: Bright Outlook for Spanish Property Market
It’s now official. The Spanish property market is in a “good mood”. At least that’s the verdict of BBVA Research in its latest observatory report. The bank’s research department notes that 265,000 properties were sold in the first half of 2017 (a 15.5 per cent year-on-year increase) and the total is expected to be 500,000 by the end of the year.
The bank’s optimism is reflected in other real estate reports released since summer, with all relevant signs indicating that the Costa del Sol real estate sector is on target for a resurgent post-crisis 2017 – and continuing growth in 2018.
Following is our updated round-up of latest positive indications, statistical insights and authoritative forecasts…
- Average property prices in Spain rose by 5.6 per cent during the 12 months up to the end of June, according to official Eurostat figures, compared with an average increase of 4.4 per cent across the European Union and 3.8 per cent in Eurozone countries.
- Leading Spanish real estate server Anticipa expects property sales in Spain to rise to 526,000 next year, 9.3 per cent more than this year and a 21 per cent increase on 2016 (but on the condition that mortgage conditions and Spanish and Eurozone economies don’t waver). The company’s report on the Spanish property market for 2017-2019 also forecast an ongoing increase in the prices for resales and new builds of 5.8 per cent in the final quarter of 2017 and a further five per cent in 2018.
- New research from international property consultants JLL (as reported in El Mundo newspaper) indicates that the level of investment in Spanish property in the first nine months of the year was almost as much as during the whole of 2016.
- The Málaga Association of Architects reports that the number of new homes officially registered in the first nine months of the year was 3,830 – nearly double the total during the same period in 2016.
- According to the Bank of Spain, residential property investment in Spain as a proportion of GDP will be higher than 4.5 per cent at the end of the year, similar to the average in other neighbouring countries although still below the 12 per cent registered in 2007. The bank also notes that home prices and sales continue to experience solid growth (in specific areas such as the Costa del Sol), and new-home starts are on the rise – albeit “only recently”.
- The number of officially registered beds available in “tourist accommodation” on the Costa del Sol has overtaken that offered in hotels for the first time: 80,872 compared with 79,577 at the end of October, according to the regional ministry of tourism.
- Data provided by Costa del Sol tourism authorities estimates that the number of “luxury” tourists visiting the area every year is around 500,000, with the main growth being experienced among United States, Russian and Chinese visitors.
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