According to the latest figures released by the National Institute of Statistics (INE) Spanish home sales grew an impressive 25% in May compared with the same month in 2016.
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Following an unexpected drop in April, which could possibly be explained by the Easter break, the Spanish property market has now witnessed steady growth in home sales numbers almost every month over the last four years.
The first time monthly sales have exceeded 40,000 since September 2008, in total 40,671 home sales were recorded in the Land Registry during May excluding subsidised housing. This amounts to a year on year increase of 25% and an even more impressive 41% increase on the previous month.
The INE’s figures are generally 2-3 months behind the property market being that they are based on transactions recorded in the Land Registry rather than that of property sales that actually took place during May.
Unsurprisingly the coastal areas, where foreigners tend to buy, witnessed the greatest growth with home sales in Andalucía – home of the Costa del Sol – increasing 40%. Sales in resale properties continued to rise with growth in the second hand market reaching 26%. It also appears that the slump in new home sales is behind us as they also increased 10%, impressive considering the INE figures do not include off-plan sales which won’t be registered until completed and delivered.