Spain property sales on the rise

Spain’s property market has enjoyed a buoyant first half of 2016, new figures show.

According to the latest figures from the General Council of Notaires, residential property sales in Spain increased by almost 20 per cent in the first half of this year. A total of 225,551 transactions took place on the first six months of 2016 – 19.6 per cent more than in the first half of 2015.

Sales of non-new homes increased by 19.29 per cent year on year, accounting for 68.1 per cent of all the homes sold. New homes sales fell by 13.6 per cent.

During the same six-month period, average property prices increased by 6.1 per cent year on year, to 1,418 euros per square metre.

Although there was no data made available as to where the buyers came from, it is likely that a significant proportion of these properties were snapped up by overseas buyers – especially Brits.

However, there is some concern in Spain that property interest from British buyers will wane in the second half of the year following June’s Brexit vote. With the Pound having fallen significantly against the Euro and uncertainty surrounding the UK’s future relationship with other EU countries it is likely that British investors may hold off on buying a property in Spain for the time being.

In fact, a recent survey carried out by a leading UK-based overseas property portal revealed that the US overtook Spain as the most enquired about destinations in July. That said, Spain remained the second most enquired about destination, ahead of the UAE in third place.

Article published 18th August 2016