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Property sales in Spain will skyrocket in 2018

If the residential property market in Spain already had an evident recovery in 2017, it appears that growth will be even greater in 2018. 

If the property sales in 2017 had previously shown a growth of up to 17 per cent, the expectations for this year are even higher, with a percentage higher than 18 per cent, which translates into about 55,0000 sold homes.

This growth in demand is due to some factors that have contributed to its momentum. For example, the policy regarding loan approvals from banking or financial institutions has changed and financing is now more available than before. The reason behind this is naturally due to the borrowers' solvency and ability to repay their loan or mortgage. Another clear factor is related to the small and large investors who allocate their money to purchasing holiday homes. Similarly, the increase in newly built homes for sale is another key factor.

According to the data obtained by the different communities in Spain and taking into account the year 2016, La Rioja and Castilla-La Mancha are the communities that have presented a greater increase in their real estate sales during 2017. Although, Madrid, Catalonia and Andalusia are indisputable leaders with regards to the volume of purchases carried out and the first ones appearing in this list.

Spain - 20151207-dinheirama-mercado-imobiliario-960x620.jpg

The newly built homes have lost strength compared to resale properties, which are around 75 per cent of the purchases carried out. Other revealing data related to the type of real estate are based on the property price and square metres. Most of the sold homes sold, which make up approximately 70 per cent, cost less than €150,000, while 35 per cent of the purchases carried out are homes between 60 and 90 sqm.

The most common buyers tend to be around 36 and 45 years of age, a fact that changes a lot if we take into account investors or buyers of holiday homes, and that more than 30 per cent of these consumers are between 46 and 55 years of age.

In conclusion, all the data speak for themselves and the report on the Spanish real estate market affects its evolution and progressive growth.

Engel & Völkers

Avda. Diagonal 640, 6ª planta A
08017 Barcelona Spain

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