Spanish property has enjoyed its best January in four years, with sales jumping 19 per cent.
Spain’s real estate market has been steadily recovering for some time, with prices now beginning to rise in popular tourist areas and major cities. A major driver in that recovery has been both Spain’s improving economy and strong demand from international buyers. While the UK’s imminent departure from the European Union has led to fears of British interest diminishing, though, the latest data from the Land Registry paints a positive picture for Spain in 2017.
Transactions registered in January rose 19 per cent year-on-year, according to the National Institute of Statistics (INE). A total of 34,544 sales were logged, the biggest number recorded since January 2013. The biggest surge in sales was recorded in the Balearics and Cantabria, where transactions both rose 40 per cent. This was followed by Barcelona, where sales soared 36 per cent, and Madrid, where they jumped 22 per cent.
Despite the Brexit vote, the British continue to made up the biggest proportion of foreign buyers (11 per cent, followed by buyers from the Middle East (8 per cent), Scandinavia (7 per cent), France (6 per cent) and the US (5 per cent).
Lower asking prices are likely to be welcomed by British buyers, who have shown a resilient desire to lower their budget and still bag a Spanish home with their weaker pound. While no fundamental changes to property rights, obtaining mortgage credit or even inheritance tax are expected to happen as a result of Brexit, buyers are naturally cautious due to uncertainty.
Interest in Spanish property surged to a three-year high at the start of 2017, revealed TheMoveChannel.com’s Q1 2017 Hotspots Index. The report saw Malaga become the most sought-after location on the site – the first time Spain has ever ranked in the number one spot. In second place was Almeria, with 3.56 per cent of searches.
Spanish portal Kyero.com confirms that Almeria has become a Brexit-beating hotspot for British buyers.
On TheMoveChannel.com, meanwhile, Benidorm was the fifth most searched-for location in Q1 2017, which indicates Brits are still banking on familiar hotspots. Whether it’s high-end buyers investing in Barcelona, though, or bargain hunters in Almeria, Spain’s international appeal remains evident: in February 2017, enquiries for Spanish property on TheMoveChannel.com more than doubled month-on-month, with the country becoming the number one destination for the first time in seven months. In total, Spain accounted for more than one in seven enquiries, the country’s highest share of activity since 2013 – and its best February in four years to boot.
