According to Premier Marbella news sources, the Marbella property market buoyant as property sales in Spain take a dive. Spanish property sales fell in June, representing a 5.5% drop compared with the same month of 2012, to a total of 23,966 transactions.
This is the second consecutive monthly decline, after property sales had increased by almost 11% in April 2013. That said, the Marbella property market continues to record a growth of up to 18.1% as many non-European Union high-net-worth individuals invest in luxury Marbella property, in return for being granted permanent residency in Spain.
The total property count in Spain currently stands at about 25.5 million units, representing an increase of just 0.5% compared to the previous year and now one of the highest housing-population ratios in the EU. A report from the Ministry of Development suggests that it is lowest annual growth in the last decade and outlines that 71.3% of the property stock corresponds to primary residences, amounting to 18.11 million units and an increase of only 0.11% over 2011.
The stock of second-hand properties registered a greater increase, of 1.7%, and closed 2012 with a total of 7.27 million units, representing 28.7% of the total. Depending on the source consulted, Spain has got approximately 3.5 million empty unsold properties which represents 13.2 % of the total housing stock.
Leading Marbella property specialist Romano Keogh commented that 30,384 property constructions were completed in Spain in the first five months of 2013, which represents a decrease of 38% compared to the same period in 2012.
Premier Marbella, offering over 25 years of dedicated service to the Marbella property sector, specialists in luxury properties, villas and apartments for sale in Marbella, The Golden Mile and other areas of the Costa del Sol.