Residential property sales recorded a 10% increase in 2018, returning to pre-2008 numbers.
2018 was the best year for the Spanish housing market since the crisis broke out. According to data published by the Spanish Ministry of Public Works, nearly 590,000 homes were sold last year.
2018 followed the upward trend observed the previous year, proving the Spanish real estate market is on its way towards becoming more stable, both in terms of the evolution of number of residences bought and sold as well as the number of mortgages contracted and price
Sales of newly built homes represented a 18.10% of the total market.
Newly built construction also showed a steady increase, with the construction of approximately 90,000 new homes.
Great Britain continued to lead foreign demand for Spanish properties. British buyers led foreign demand for Spanish properties despite the significant fall suffered after the Brexit announcement and the uncertainty generated about its relationship with the European Union.
A 12% increase in foreign purchases was recorded in 2018.
Foreign demand for Spanish properties neared 13% of the total market, confirming its strength and importance in this country.
According to the Real Estate Registry Statistics issued by the College of Property Registrars, sales of private homes by foreign nationals in Spain exceeded 65,500 transactions. Foreign investment concentrated on properties in tourist areas by the coast with its characteristic good weather.
Mediterranean coast and both Spanish archipelagos are the preferred destination for foreign buyers from European countries with high per capita income.