By Adrian Bishop
Spanish properties are still proving popular with overseas buyers, as home sales in Spain are up 15.6%
When factoring in seasonal adjustments, the rise is 11.6%. There were 43,5014 home sales in Spain in October 2017, according to data from the Spanish Notaries.
The biggest rise (20.3%) came in house sales, followed by a 14.3% increase in existing apartments. However, sales of new apartments fell 7.7%.
The average price per square metre was down 1% on average to €1,328, with existing apartments down 1.6% to €1,449 per square metre and new build apartment values down 11.6% to €1,809 a square metre. This is due to a slight fall in property values, says the statistic information centre of notaries.
There was a 10% rise in the number of mortgages approved to 17,706, with the average loan reaching €127,850, which is 2.4% lower than October 2016. Four in 10 (40.7%) of homes were financed through a mortgage.
Spanish agent Lucas Fox expects Spanish property demand to remain strong in 2018 and beyond, with more sales from buyers in the United States, Canada, the Middle East and China, particularly for city homes.
Lucas Fox co-founder Stijn Teeuwen says, “We also expect that the Scandinavians, French, Dutch and Germans will account for a bigger proportion of sales and the British a smaller proportion due to Brexit in the coastal regions such as Marbella and the Costa Brava.”
British property buyers still top the charts for second home owners in many regions of Spain, including the Balearic Islands, Canary Islands, Andalusia and Murcia, followed by French and German buyers.
You can see a more detailed breakdown of the Spanish property market in our recent article on the record breaking number of overseas property buyers in Spain
With mortgages still at low rates in Spain and Spanish property prices down a little, this may soften the blow of a slightly weaker Pound-Euro exchange rate slightly for British property buyers hoping to find a place in the sun.
If you’re considering buying a home in Spain, it’s a good time to research what’s available and see what deals you can get in the current market. It could be a good time to buy that Spanish bargain.
The full statistics can be viewed on the Spanish Notaries website: http://www.notariado.org/liferay/web/cien
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