The Spanish property market has continued on a steady upwards trajectory over the first few months of 2018. Home sales rose by 18% in February when compared to the same month last year, the highest performing figure for this month since more than a decade ago.
A total of 37,412 Spanish homes were inscribed in the Land Register in February, 41,480 if you include VPO homes subsidised by the government, according to the latest figures from the National Institute of Statistics (INE).
Property transactions have largely grown by double digits since March 2014, starting from the onset of the housing market recovery in Spain. While total sales are still down by 44% compared to the peak year of 2007, those figures were largely unsustainable and the current rate of growth reveals a much healthier market with room for further improvement over the coming years.
A further positive development is that new home and resale transactions are now almost on equal footing. While previously the recovery was largely relying on resales, buyers are once again looking to invest in new properties in Spain. New home and resale transactions were up 17% and 16% respectively in February and new home sales have increased by double digits almost every month over the last year.
By region, areas that attract foreign buyers along the coastal areas and in major cities continue to outperform those that don’t, such as Extremadura and Catalonia. The overall picture is one of surging sales in most areas in Spain and a continued trajectory of growth across the board.