Spanish property market continues to strengthen

Three sets of figures released in the last week add weight to the theory that the Spanish property market is finally emerging from years in the doldrums.

According to a report published by the notaries of Spain last Monday, the number of sales recorded in the third quarter of 2016 were up by 8.8 per cent from a year earlier. A total of 102,550 property transactions were finalised in this period.

Sales activity was particularly prevalent in Cataluña (up by 17 per cent), Asturias (15.9 per cent) and the Balearics (14.2 per cent). In fact, most of Spain’s 17 regions recorded an increase in the number of completed sales transactions. Only Murcia (-17.6 per cent), La Rioja (-9.7 per cent) and Canary Islands (-3.4 per cent).

Separate figures released on Friday, meanwhile, show that mortgage providers are becoming more willing to lend – a finding which shows a greater deal of confidence in the country’s property market.

In the first 11 months of 2016, there were almost 15 per cent more mortgages granted than there had been in the same period of 2015.

What’s more the latest figures show that the number of mortgages finalised in November 2016 alone, was up by 32.2 per cent than those finalised in November 2015. Mortgage approvals were up in all 17 Spain regions during the month.

Finally, official figures show that Spain’s economy grew by 3.2 per cent in 2016 – one of the best growths among any European countries. However, growth is expected to slow this year to 2.5 per cent; although this is still higher than the European average.

Article published 31st January 2017