The Spanish property market continues on its road to recovery
Spain’s property prices and sales have been forecast to rise in 2018 provided that there are no unanticipated economic surprises or changes to the mortgage market.
In a recent report, one of Spain’s largest real estate providers, expects sales to increase by just over 9% next year to 520,000 units. This is an increase from 481,000 units this year and 21% more than in 2016.
It also forecasts that prices will have increased by 6.9% by the end of 2017. Looking forward to 2018, prices are further set to rise by slightly less at 6.1%. Despite this rise they will still remain 27% under the market price peak in 2007.
Resales and new build prices are expected to carry on increasing by 5.8% over the last quarter of the year.
Mark Stucklin from Spanish Property Insight, says that the 2018 forecast is 85% higher than 2013 when only 285,000 homes were sold in Spain. But it also displays how the market remains 42% below its 2006 peak when over 900,000 sales were made.
Completion of new builds is expected to total 63,400 in 2018, compared to 62,900 in 2017. The results of the report show a marked increase of over 48% in comparison to the 2016 low when there were only 42,700 completed properties.
The results of the report are positive and certainly optimistic, and show that the Spanish property market continues on its road to recovery.
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