Recent data published by the General Council of Notaries of Spain shows that sales of residential real estate in the country in the fourth quarter of 2015 increased by 7.3% compared to the same period of 2014.
These figures indicate a strengthening trend: already for 18 months Spanish property market is experiencing continuous growth. Experts predict a further increase of customer interest in Spanish property in the 2016.
Sales of residential properties in the last quarter of 2015 increased by 6.2% year on year, mainly due to the increase in the number of new housing (plus 8.3%) put into operation. Sales of private homes showed even more growth - up to 11.4%.
At the same time there is a slight decline in the cost of square meter. The average cost per square meter in the fourth quarter of 2015 was € 1,219/m2 (drop by 1.1% year on year). Prices for apartments fell by 0.6%, and private houses - by 0.8%. Price per square meter on the secondary housing market fell by 0.7% year on year to € 1,320, and in new buildings increased by 5.9% to € 1,666.
The total number of mortgage loans increased by 2.4% (seasonally adjusted) on an annualized basis, and it is the lowest increase in 18 months.
Spain's economy is still severely affected by the influence of the labor market hard situation and the budget deficit. However, the tourism sector continues to grow, tourism is on the rise across the country and foreign investments in the economy are still the major source of income.
Based on materials of propertyshowrooms.com
Photocredit Depositphotos.com