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Spanish Used Property Sales Hit Peak

Spanish used property sales during the second quarter of this year hit the highest level since before the global financial crisis in 2008.

The latest data released by Spain’s property registrars has shown that 99,343 used property sales were transacted, representing 83 per cent of the 119,408-overall total of properties sold.

In contrast, just 20,065 new properties were sold over the same period. A figure that represents less than 20 per cent of the levels recorded back at the height of the boom in 2007.

It seems that the speculative construction and off-plan buying so prevalent in the 2007 property boom has not made a comeback during the recovery of the Spanish property market, with the vast majority of buyers – including overseas property investors – targeting established Spanish property instead, boosting used property sales.

However, the overall combined figure for both new and used property sales for the second quarter of 2017 represents the highest for six years.

The registrars also confirmed in the same report that the average mortgage capital value during the same period was 115,769 euros. This is still way below the average of over 150,000 euros a decade ago, proving that Spanish property prices have a fair way to go to reach pre-crisis levels, and bargains can still be had.

Interest from British overseas property investors also rose in the second quarter according to the Spanish registrars, and Brits remain the largest foreign buyers of Spanish property.

Around 2,300 of both new and used property sales involved British buyers, representing 14.9 per cent of the 15,600 total sales made to non-Spanish nationals.

This is an increase from the previous quarter, and reverses the downward trend seen since the Brexit referendum.

Other leading nations represented included France at 8.5 per cent, Germany at 7.8 per cent, Belgium at 6.4 per cent, Italy and Sweden both at 6.2 per cent, Romania at 5.4 per cent, Morocco at 4.3 per cent, and China at 4.1 per cent.

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