Expat housing market in Spain shifts into top gear

Published:  25 Aug at 6 PM
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After remaining in the doldrums since the boom years ended in 2009, the Spanish property market has picked up and is roaring ahead.

Sales of Spanish real estate in 2016 are showing double-figure increases over the same period in 2015, with actual sales rocketing by over 10 per cent since the start of the year. The Balearic Islands are today’s hotspots, recording a massive increase in purchases of just under 40 per cent.

The rest of Spain, with the exception of Malaga on the Costa del Sol and Almeria on the Costa Calida, is showing double figure increases in sales, and even Malaga and Almeria clocked up seven and nine per cent growth in completed purchases. Across the country, the average increase came out at 17 per cent, confirming the long-awaited recovery in the property market.

Regions with the highest turnover of sales included those especially popular with British expats retiring to or working in Spain. The end of the recession and fall in property prices is great news for expats hoping to sell their homes, and even better news for those whose fears of being kicked out of the country may become a reality once Brexit negotiations end.

It’s expected that buyers will see an easing off of mortgage restrictions, sending sales figures even higher during the rest of 2016 and beyond. Although the significant increase in sales signals the end of trying times for expat home owners and prospective purchasers, the boom isn/t anywhere near the peak levels seen in pre-recession years.

House price monitors don’t expect averages to top former highs for at least another year, meaning the slump and its recovery will have taken an 11-year bite out of the Spanish housing market.
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