40 Percent Increase as Spanish Property Sales Bounce Back
10 May 2014
As a report released by the Spanish notaries shows that Spanish house sales increased by 39.8% year on year this February that adds to the growing evidence of a recovery in the Spanish real estate sector are we finally at the end of the worst ever Spanish property recession?
Prices also rose 0.6% year on year in February, this comes after data for January this year showed a 59.2% increase in sales and an 8.9% price increase on January 2013.
The notaries say that the statistics show the Spanish property sector is stabilising and that the 'depressive spiral' is now coming to an end.
Regarding the type of property, sales of new-builds increased by 24.1% and sales of resale housing increased by 41.4%.
Nick Stuart Managing Director of Spanish Hot Properties pointed out “It must be remembered that both sales and price figures are rebounding from extremely low bases but increases of this size cannot be ignored and definitely represent a significant change in the general trend”
To support that view the ratings agency Fitch has released a report that claims Spanish property prices will continue falling until 2015 when they will finally bottom out having accumulated a 40% fall from the peak prices recorded at the height of the property boom. However they are primarily very conservative but more importantly it’s clear that local Spanish housing still has a bit to fall but properties the international property buyer wants to buy are already on the increase in such places as the Balearic Islands and Marbella. Said Nick
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