According to Premier Marbella news sources, a recent report was issued by National Institute of Statistics (INE) show that the Spanish property market expanded by 15% in 2016, the biggest increase since the property boom years. Last year 13.25% of all Spanish property purchases were made by overseas buyers equivalent to 53.000 transactions and British buyers represented 19%.
There were 362,182 property sales recorded in the Spanish property register in 2016 an increase of almost 15% for the year and up by 7% in December with 26,778 transactions. Spanish property sales for the first half of 2016 were the best since 2010 with 207,593 sales. However, growth is largely restricted to five major cities and their surrounding areas: Madrid, Barcelona, Alicante, Malaga and Valencia.
Despite this positive news and upward Spanish property sales growth trend, the current market still represents only 50% of the total property transactions during the peak boom year of 2007. It was a reasonably good year for new project property sales, which only recorded a contraction of 3% in 2016 after almost a decade of double-digit declines.
Leading Marbella property specialist Romano Keogh commented that with interest rates set to remain low, there is little to be gained from savings accounts, making bricks and mortar an increasingly attractive proposition, especially as banks are keen to lend to Spanish property buyers.
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