The buyers have returned! Strong>
During the first quarter of 2016 the housing market in Spain rose 6.3% in average, which is the highest rate recorded since the third quarter of 2007.
New data shows progres Strong>
According to the data released by Spanish National Statistics Institute (INE) released last week the country’s housing market really made a comeback after the housing bubble that burst in 2007.
A 5-6 year downturn in the housing market frightened buyers and contributed to a massive brain drain in Spain, and while the economy suffered the government implemented harsh. It has been a very tough time for Spaniards, but reforms have now shown to work as intended.
INE data shows that Spain mid-2013 had come through the crisis and the country began to show positive a increase in GDP, employment rates and particularly in the property market. House prices began to rise and according to latest figures, the increase on average soared by 6.4% only in the first quarter of 2016.
New developments Strong>
New developments, which was the hardest hit sector during the crisis, is really back on track. We have seen price increases of 6.1% in the same period, making the first quarter of 2016 the most promising quarter in the Spanish real estate market since the third quarter of 2007.
Sustainable growth Strong>
Unlike eight years ago, this time there is very low probability that we will see the same overheated market. Growth is more balanced, more sustainable and based on a solid foundation of sustained economic growth from both foreign and domestic interests.
Home sales Strong>
Regarding home sales, INE data show a massive number of transactions on the Spanish real estate market in April 2016. 29% higher than the same month in 2015, with 35,199 properties bought and sold that month. It is the largest increase since August 2010, and once again proves that the buyers have returned to the Spanish real estate market.