According to figures recently released by Spain’s National Institute of Statistics (INE), the number of residential property sales recorded with the Land Registry grew 17% during August.
Including government subsidised homes (known as VPO) 41,282 completed transactions were registered in August, an increase of 17% compared to the same month in 2016.
The Spanish property market has now witnessed growth almost every month since the recovery began in March 2014 following a downturn of seven years. Property sales are at the highest they have been since the peak of the boom in 2007.
Of the sales recorded during the month 7,396 transactions being new build properties, a monthly increase of 21%, the highest in seven years. Resale properties took up the lions share of the market with 82% of home sales totalling 33,886, however as the INE’s figures only include sales recorded in the Land Register, the number of off-plan sales which clearly growing fast, will not appear for many months.
At a local level Málaga and the Costa del Sol witnessed a year on year increase of 15% in property sales for the year to date whilst the number of home sales in Andalucía increased 11%.