Recently published data from the Spanish National Institute of Statistics reveals significant growth in residential property sales during December 2018 as well as the year as a whole.
According to the governments central statistics unit a total of 33,831 home sales transactions were recorded in Spain during the final month of 2018, representing growth of 3.8% compared to the figures for December the previous year.
With the exception of March, which saw distorted figures due to Easter falling earlier than usual, year-on-year growth in home sales was recorded in every month during 2018, bringing the total number of sales registered throughout the year to 515,051. This not only represents growth of 10.1% compared to 2017, but is also the first time in 10 years that the annual figures have topped half a million.
Broken down, of all the homes sold last year, 92,520 were new build properties and the remaining 422,531 were second hand (resale) homes, the highest volume of second hand home sales recorded in Spain since 2007 prior to the crisis.
Of Spain’s 17 autonomous communities, Andalucía – home to our very own Costa del Sol – was responsible for 20% of the national total recording 101,330 home sales in 2018, more than any other region. Andalucía was followed by Cataluña with 81,020 registered home sales and Valencia with 78,800 transactions.
The level of home sales activity in Spain is now 75.6% greater than when the market bottomed out in February 2014, demonstrating the extent of the recovery in Spanish real estate as increasing numbers of buyers, attracted by affordable prices, a recovering economy and low interest rates, enter the market.