After a brief slowdown in the rate of progress, property sales in Spain were up sharply again in November – and according to official figures published by the National Institute of Statistics (INE) they rose by 17% nationally.
Even Brexit could not halt the strong showing of the property market, as the number of buyers continued to grow. Compared to the year before, the 30,514 property sales registered in November represent a return to the double-digit rates of growth seen throughout much of the year. The expectation now is that average monthly property transactions should surpass the 35,000 mark in 2017.
Amid this good news and the continued growth of the Spanish economy, memories of the financial crisis are beginning to become distant. Somewhat unusually for a country of this size is the fact that each and every region saw growth, with the Balearics and Barcelona continuing to perform strongly, and areas that have returned to growth more recently registering impressive growth rates.
The latter include some of the regions hardest hit by the financial crisis, such as Almería, Asturias and Extremadura. The Costa Calida in Almería province even registered a rise in property sales of 32% over 2015. In Andalucía, where the recovery started far sooner, they increased by 12%. As one of the areas that first led Spain out of recession, growth in the Costa del Sol was somewhat slower at 6%, but then it has seen consistent growth for over three years now, and has therefore progressed much further than most of the country.
“We’re very pleased to see that the real estate sector, which is very important to the Spanish economy, continues to grow strongly,” said Altavista Property CEO, Michael Liggan. “It shows the underlying strength of the economy, the fact that the banks are on a sound footing again and in relation to our own area the continued growth is a reflection of the undiminished demand for the lifestyle and properties Marbella has to offer.”
If you would like to know more about the property market of the Costa del Sol, the lifestyle it offers and the finest Marbella apartments and villas for sale, please contact Altavista Property.