The final sales figures for 2016 recently released by the governments central statistics unit (INI) reveal almost 14% growth throughout last year with increases recorded in all of Spain’s 17 autonomous regions.
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A total of 403,866 home sale transactions were recorded in the Spanish property register during 2016, representing not only a 13.6% increase on the previous year, but also 26.7% growth on 2014. The market has in fact now recorded growth over the past three years with increased sales volumes for 23 out of the last 24 months.
For a country the size of Spain the market is still smaller than should be expected when taking into account the population size and housing stock suggesting there is room for further growth and the trend will continue through this year and probably into 2018.
As to be expected the results varied across the country with major cities, the islands and Costa’s demonstrating the largest year on year growth, encouragingly however, the figures were 100% positive countrywide with every one of Spains 17 autonomous regions recording growth.
Of all property sales recorded 18.6% were for new homes, a decline of only 3% on the previous year signalling an end to ten years of double digit declines and suggesting 2017 could be the first time in a decade that new homes sales increase – positive news for the Spanish construction industry.
The take away? 2016 was a positive year, investors are moving back into property and there is a real and sustained recovery in home sales, with room for further growth the trend is likely to continue in 2017.