Home sales in April of this year increased by 31% compared to the same month last year, according to new figures released by the National Institute of Statistics (INE).
Following a slower month of sales in March, a total of 37,930 Spanish home sales were inscribed in the Spanish Land Registry in April, 42,041 including subsidised homes. While the land registry publishes figures with a one to three month delay, the Association of Spanish Notaries for home sales also revealed an increase of 11.6% in April, with 48,415 new home sales.
The recovery of the Spanish property market post-crash was largely driven by second-hand property sales which doubled since the start of 2014, up until now. New home sales inscribed in April were up by 27% to 7,105, and resales up 31%, signalling a growing trend in demand for new developments in Spain, which has been increasing steadily every month over the last year.
The number of resale properties sold to investors today has now almost reached where they were in the boom year of April 2007. New-builds are also showing significant growth, considering that most off-plan sales made today won’t show up in the Land Registry for up to two years once construction is finished.
Further, property sales increased by an incredible 62% in the Malaga province in April, which includes the Costa del Sol. A growth of 50% was also recorded in Murcia, though sales growth in the Catalan provinces of Tarragona, Barcelona and Girona (Costa Brava) were at the lower end of the market, most likely due to the ongoing political uncertainty which is starting to deter foreign investors.
All in all, the figures contribute to a growing sense of stability, growth and progression within the Spanish property market.
Contact Domus Venari today to speak with one of our property consultants in your language.