The August sales figures from the official INE data show a 16% increase on the same month in 2016. Historically, August is a quiet month for property sales in Marbella and the Costa del Sol; however, in the line with the statistics Marbella Homes bucked the trend with increased sales; this is by far the best August we’ve ever had! Taken as a yearly figure though to the end of August, Spanish home sales have reached 315,795 so far in 2017 - a 14% increase on the same period in 2016.
Spanish property sales and understanding the data
As a real estate agency in Marbella, specialising in the areas of Atalaya and Estepona, we obviously closely monitor the statistics when it comes to residential properties on the Costa del Sol. Of all the data produced about properties in Marbella and Estepona, the most up to date is published by the notaries of Spain. The notaries are where the property transactions take place. Property sales in Spain are not officially recorded at property registry offices until a couple of months later.
This means, when the notaries publish their latest property sales reports, their figures relate to the sales finalized during the month. In this case, the month of August was 16 per cent higher than in August 2016. Along with the notaries, the INE Spain also confirms a year-on-year increase in property sales for the past 7 years.
The number of home sales in the month of August was 41,282, showing that the Spanish property industry is once again reaping the benefits of an improved economic outlook. It’s also worth mentioning again that Malaga province this past summer broke tourism records for the 5th consecutive year.
More astonishing is despite Brexit fears, UK property buyers top the list for most foreign property buyers on the Costa del Sol. Nationwide, the month of August also saw all of Spain’s 17 autonomous communities post an increase in residential homes sales.
Marbella property for sale leading the way
Malaga province is by far the most popular area for buying property in Spain and of course, for tourists. The Costa del Sol is after all the best place for a holiday home. We live under the sun for over 300 days a year thanks to something wonderful called a microclimate. Besides the best property deals the Costa del Sol has to offer, we also stand in the top ranks for the best golf courses in Europe. Properties for sale in Marbella are the most searched for online and with good reason. The current deals are too good to pass up.
The expanding Spanish economy grew by 0.9%, which surpassed its pre-crash peak and is beating most of its European counterparts. The Spanish government is also forecasting a 3% growth in the economy by the end of 2017. There are a few very important reasons for this, one being the thriving tourism industry. With so many tourists falling in love with the Costa del Sol, it’s no surprise many realise the potential when it comes to buying property.
Spain’s record-breaking tourism figures are expected to reach an incredible 80 million this year alone, at least according to data from Exceltur, a tourism industry group. This is an increase of 4.1% compared to 2016 when the figure hit 75 million. The most dominant group of visitors to Spain are the British of course, followed by a surprising increase in American visitors, up by 19%, and also Asian visitors saw an increase of 35% compared to last year.
Spaish Property & Soaring International Demand for properties on the Costa del Sol
According to the latest Top of the Props index by The Move Channel, Spain is the top European country for international property buyers. Spain accounted for one in ten online enquiries, making it the most searched for country in the world.
Spanish bank, BBVA believes that more than 500,000 Spanish homes will be sold in 2017, surpassing an annual threshold last breached before the economic downturn in 2007. The bank forecasts a 10% increase in sales by the end of 2017 compared to last year.
When it comes to mortgages in Spain, data from Spain's National Statistics Office (INE), has shown that the number of mortgage approvals granted in the month of July was 32.9% higher than over the same month last year. The INE data shows that, in total, some 24,863 home mortgages were granted nationwide in that single month, with the average mortgage value also increasing by 3.8% year-over-year to €119,613.
Overall, the amount of capital loaned by Spanish banks in July reached €2.97 billion which is an increase of 38% on July 2016. With all these national statistics, the next question is what area stands out amongst the crowd?
Andalucía is the answer, with its soaring popularity boosted by the likes of Marbella and Estepona, which are two of the most popular second home investment destinations in all of Spain.
There’s no disputing that the property market news is good, however, if you want to buy property in Marbella or property for sale in Atalaya, the New Golden Mile, Benahavis and many other beautiful locations throughout the Costa del Sol, now is the time. Taking the plunge now on your dream property in Spain is paramount considering property prices will surely begin rising in 2018.