Home sales and houses prices continue to increase steadily on Spanish land this year, as Spain’s property market is becoming stronger than ever. The housing market is expanding with 38,176 home sales in February – a 10% upsurge on last year.
House prices were up by 2.5% too, with an average of 1,305 €/m2 and meant that apartments and single-family houses have been rising in cost. This may have been a struggle for many Spanish citizens but for investors, this can only mean good news.
However, this data representation of house prices isn’t that reliable, as Spain’s property market price data cannot sufficiently project their housing market forecast substantially. Despite all of this, it can be said that the data does show an element of success for Spain’s property market.
New residential loans were up by 2.5% over the recent months, which show that banks are lending more to their customers. The average loan value was €125,445, a 0.6% increase. This is great news for first-time buyers who are trying to get on the property ladder. Lending more to homebuyers means that buyers are more inclined to be able to buy their dream house. Equally, it means that investors can obtain the mortgage they want to buy the property/properties they wish.
The Notaries information only really provides statistical figures and doesn’t really outline in-depth knowledge of the housing market. When somebody buys or sells within Spain’s property market, the Notaries read our the deeds in replacement of a lawyer doing it, to witness signatures and then charging for the privilege – so this is something to be mindful of.
So be careful when spending a lot of money on Notaries when buying a property in Spain with a mortgage. Always look into alternatives to save yourself some money.
Keep researching the property housing market in Spain to stay on top of trends and the buying benefits that continue to creep up this year.
Written by Gemma Smith