Home Sales in Spain to Reach over Half a Million in 2018
Around 526,000 properties are expected to sell in Spain next year, 275,000 of which will be new homes, according to a report by property loan management firm Anticipa Real Estate.
Property sales are already forecast to reach 481,000 by the end of this year and as long as there are no nasty surprises in store for Eurozone economies and mortgage conditions remain favorable, there should be 9.3% more Spanish property transactions next year.
Anticipa also forecasts property prices to rise by 5.8% during Q4 2017 and by a further 5% by the end of next year, standing at 23% below peak pre-crisis values, reports Spanish Property Insight.
The construction of new homes in Spain will rise to 63,400 units in 2019, only 500 more than forecast for this year; however it would represent a rise of over 48% from the 42,700 completed new properties in 2016 so quite a significant increase in a relatively short space of time.
If the report forecasts are accurate, the volume of new homes in 2019 will be 90% below their peak; however, comparing today’s property market to that of the property boom years can be misleading; the market was growing at a dangerous and unsustainable rate back then and it inevitably crashed. The Spanish property market has made significant progress since and has done so at a more sensible and manageable rate. Any upward movements – whether it is in property prices, home sale volumes or new property construction – should be viewed as another positive step along the road towards recovery.