Recently published figures from leading Spanish property valuation firm Tinsa forecasts the trend of increasing home values will continue into 2019 with predictions of between 5% to 7% growth in the coming year.
During the first eleven months of this year the Spanish property market has witnessed significant growth in terms of property values, mortgage approvals and sales activity from both Spanish residents and foreign buyers. Tinsa expects this growth to continue in 2019 with residential property sales predicted to increase from the current level of just over half a million to between 625,000 to 650,000 and mortgage approvals expected to increase 15% to between 275,000 to 300,000. New building licenses are also expected to increase by a similar amount reaching up to 125,000 during the coming twelve months.
These predictions should come as good news for prospective buyers as Tinsa highlight a consolidation in price rises in 2019 with more modest and sustainable growth compared to that experienced this year. The valuation firm also pointed out that prices are still some 36% below the levels reached during the speculative buying boom of 2006 and 2007.
Overall the forecast for the Spanish property market in 2019 is a positive one for prospective homebuyers, with a strengthening economy, more generous mortgage lending and prices set to be 7% higher this time next year, all indicators point towards now being the time to buy.