Spanish property sales reach pre-crisis levels in first quarter of 2017

The Spanish property market continues to gain momentum as new government statistics show sales figures rose by nearly 30 per cent in March.

A total of 40,461 homes were sold in March, the highest monthly figure reported since February 2011. The figure marks a return to pre-crash levels from 2008, showing year-on-year increases in all of Spain's 17 regions, with rises of over 40% in the northern regions of La Rioja, Cantabria, Asurias and Aragón, 12% in Malaga and 11% in Madrid.

The level of activity in the property market reached 110 transactions per 100,000 inhabitants of home-buying age, with the highest reported in the Comunidad Valenciana (150) and the Balearic Islands (148).

According to the latest quarterly market report from Lucas Fox International, an increase in sales volumes has been particularly noticeable in Barcelona with 58% and in Valencia with 50%. 'Our market analysis shows that home sales across the cities and most desirable second-home destinations maintained a steady upward trend in the first quarter of 2017,' said Rod Jamieson, head of operations at Lucas Fox.

'We expect that the recovery will extend to the surrounding areas of the cities and other parts of Spain during the next 12 to 18 months. With easier financing and continued low interest rates, we predict that the demand for homes will continue to rise,' he explained.

The March figures show a continuation of an ongoing trend within the Spanish property market, as the cumulative sales total for the first three months of 2017 now stands at 111,528, a healthy 15 per cent higher than at the same point in 2016. The running 12-monthly total has now reached 419,000, also an encouraging 15.1% higher than a year ago.