Let us take a backward glance at the Spanish property market 2014
We are all too aware that the Spanish market place has taken it’s knocks over the past years but it would seem that over all things are looking marginally better, offering positive beginnings of steady growth to manifest itself in 2015 which is expected to continue climbing modestly throughout 2016.
• April: According to the Spanish National Statistics (INE) sales in April were up by 5.3% from the same month last year reaching a grand total of 24,968 actual sales.
• August/September: Property sales rose in September 2014 which appears to have increased annually in respect of this particular month compared to August which dipped again. Property sales grew by 13% in September with 24,096 sales, the highest in four years and up 14% on a monthly basis.
• From September 2013 to 2014 sales achieved were 216,682 indicating that the property market remains on an upward trend.
• Resales: Resales are clearly predominant as the gap between resales and new build appears to be widening, this is due in part, to fewer properties being built over the past few years leaving consumers with less choice. Resales increased by 17% and new build by 10%.
• Areas: Popular areas of choice for overseas consumers buying properties are, Costa-del-Sol, the Balearic Islands which rose this year by 15% and additional strong gains have been Alicante, the Costa Blanca, as coastal areas still remain a firm favourites.
• Rental: Rental prices continue to drop especially in respect of long term rentals which fell by 0.7% in October compared to the same month in 2013.
• Realistically the rental prices have been in steady decline over the past 19 months. Some regions where the largest drops have occurred were Murcia by 2.1%, Madrid by 1.4%, Valencian Community by 1.2%, Castilla La Mancha by 0.9%, the Balearics and Galicia 0.2%, and 0.7% in the Canaries.