According to the latest report released by the National Institute of Statistics (INE) the number of registered Spanish home sales in 2017 increased 16% on the previous year, representing a nine year high in the countries property market.
The latest figures confirm last year, the fourth and largest consecutive year of growth, as the best for Spain’s real estate market since the 2008 post boom crash which has taken years to remedy.
Spain’s land registry recorded a total of 464,423 home sales transactions last year, growth of 16% compared to 2016, breaking the 400,000 barrier for almost a decade.
After a slow start in 2014 with 4% expansion, the Spanish property market recovery has now moved into prosperous growth with all indicators suggesting a continuation into 2018.
Each of Spain’s 17 autonomous regions witnessed growth in sales during 2017, the fastest growing region being Castilla-la Mancha which recorded an impressive 24.7% increase compared to the previous twelve months. In terms of regions more popular with overseas purchasers, Alicante (Costa Blanca) and Málaga (Costa del Sol) reported the highest rises of 17% and 15% respectively, followed closely by the Balearic islands with 14%.
Driven by strong economic growth, falling unemployment, low mortgage interest rates, record tourism and strong demand from overseas buyers accounting for 15% of home sales, 2017 proved to be a positive year for the Spanish property market.