Spanish Property Sales Booming

Spanish property sales have risen by almost 50 per cent in the first six months of this year, confirming the recovery in the Spanish real estate market.

The latest half yearly market report from estate agency Lucas Fox showed a 47 per cent increase on the volume of Spanish property sales in all regions during the first half of 2017.

The value of sales transactions was up by even more, rising by 55 per cent over the same period.

Sales to Spanish nationals were also up when compared to the same period last year, and accounted for 38 per cent of all Spanish property sales.

British overseas property investors were still the largest foreign buyers of Spanish property, though their share was slightly down at 10 per cent of all sales in the period.

The number of buyers from the USA and Canada rose to constitute 10 per cent of the overall total according to the agent.

Lucas Fox tends to concentrate on higher value properties, and the average sale price of a property sold by them in the first half of 2017 was €750,000.

Of the buyers durinjg that period, 32 per cent purchased their property as an investment, whilst a similar number bought it as a second home. 23 per cent purchased a property as their main residence.

Co-founder of Lucas Fox, Alexander Vaughan, Commented: ‘Spain’s economy is the fastest growing in the Eurozone, bringing greater confidence back to the property market.’

He continued: ‘We have seen growing interest from property investors, who now regard Spanish real estate as offering excellent potential for capital gains and profitability through short and long term rentals. We expect that the price recovery now taking place in the cities will extend to the suburbs and other parts of the country in the forthcoming months.’