Bright predictions for Spanish property in 2018
According to Anticipa, one of Spain’s largest real estate agents, Spanish property is going to have a very bright future in 2018 with both sales and prices going up. The agency does offer one caveat and that is, this will happen providing there are no surprises in the global economy or issues in the mortgage market.
Spanish Property – Number of sales to rise by 9%+
Anticipa predicts that sales will rise by between nine and ten percent in 2018. For example, its data states that there were 481,000 sales in 2017 and that will be 526,000 in 2018. This figure also represents a 21% increase over 2016, indicating just how strong the return of the market has been over the last 12 to 18 months.
Prices will go up
The report also suggests that when we look back at the last quarter of 2017, we will see that prices rose by 6.9%. However, the good news for buyers is that Anticipa doesn’t believe that prices will increase by quite as much in 2018, although it will be somewhat similar at 6.1%. And, as the firm points out, even with this increase, prices will still be 27% lower than in the peak price year of 2007. This means, it is still a good time to buy in Spain. The report also suggests that the cost of resales and new builds in Spain overall will have gone up by 5.8% in the last quarter of 2017, but cautions that its report was compiled before the crisis in Catalonia, which may affect the actual figures, largely because Barcelona has seen some of the biggest property price hikes in 2017, but nobody is sure that this will continue in 2018.
The numbers for new builds are still nowhere near those of the boom years and it is expected that there will be somewhere around 63,000 new builds in 2019, which is only a little above 62,900 for 2017. However, this does represent a significant increase over 2016 when only 42,700 new homes were completed.
Mark Stücklin of Spanish Property Insight, and one of the most expert commentators on the Spanish property market, commented that the new build figures are still 90% below what has happening back in the early years of the new century. However, he also points out the Anticipa’s predictions for the number of homes sold is 85% above the numbers at the market’s lowest point in 2013 and 42% below the peak year for sales, which was 2006.
Now is the time to look for a Spanish property – and Umuzee.com has some wonderful homes in the sun for you to choose from.