The Spanish property market continues to stir optimism amongst national and international investors, yielding regular positive results, steady climbs and healthy advances. Latest reports point to rising property prices, as well as an even further increase in house sales transactions throughout Spain in 2016.
According to a recent report compiled by property portal Servihabitat, sales figures will rise by up to 10% and prices will go up by 3.8% by the end of 2016. The report estimates an annual sales total this year of 440,000, a by-product of boosted levels of demand due to low property prices and attractive mortgage interest rates, with the average cost of a residential property now equating to six times the average national salary, up from nine times the average earnings in 2007.
The report also found the levels of unsold completed properties in the country to be significantly diminishing and expected to fall by approximately 25% this year from 492,000 and 367,000. The number of people renting rather than buying their homes in Spain will also continue to increase, providing excellent buy-to-let opportunities for new investors buying in prime coastal locations.
According to Spain's National Statistics Institute, Spain's house sales continue to climb, with an exceptional 16.8% year-on-year increase recorded in March, a total of 31,925 transactions. The region of Andalucia saw the greatest number of housing transactions in March with 6,299, followed by 5,123 in Catalunya and 4,878 in Madrid.