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Government figures show sharp rise in Spanish property sales in January

Varying new sources of data regarding prices and sales continue to show a sustained upward trend for the Spanish property market.

The latest data released by the Spanish notaries show residential property sales increased by a significant 16.8% in January compared to the same period last year, with a total of 33,670 properties sold. Property prices have also risen by 1.8%, for the eighth consecutive month - with the average property now costing €1,355sqm (£1,174).

Property mortgages finalised during January also rose alongside sales transactions by 27% in comparison to the first month of 2016, with 15,624 new notarised contracts. The average loan capital was 130,019 euros, which is just 0.5% higher than a year previously, but still follows the upward trend of the last six months.

Following with positive findings, Spain's Land Registry recorded a 19% increase in property sales on the same month in 2016 - the highest rise since January 2008 according to leading Spanish property expert Mark Stücklin.

According to the registry, property sales rose by 20% on the Costa del Sol in January when compared to the same month the year before, which is above the national average. The biggest increase in transactions was in the Balearics with 40%, followed by Barcelona with 36%, the Costa Dorada with 35% and Costa Brava with 28%.

Despite concerns about the impact of Brexit on British buyers of Spanish property, Brits still accounted for the largest single nationality of foreign buyers in January with 11%, followed by buyers from the Middle East (8%) and Scandinavia (7%). The figures also show resales were 21% stronger than in 2016 and new home sales rose by 8%.

The figures continue an upward trend which began in 2014, with a reported year-on-year increase for the past twelve months. "It is a relief to see the Spanish home sales recovery continue in 2017, and the increase in Malaga and Alicante suggest that buyers from other nationalities are stepping in," Stücklin added.

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