Latest statistical data
Recently-published data from the Spanish National Institute of Statistics (INE) gives the quantity of property transactions in Spain for the month of December 2018 and last year as a whole, with significant increases recorded over both periods.
Quantity of property transactions in Spain: December 2018
As well as donated, inherited and permuted real estate, there were 69,524 home purchases in December across mainland Spanish and its islands. This was a 7.2% growth compared to the same month in 2017, which is great for the typically quiet winter holiday month.
Although this is, of course, an encouraging stat, I believe the sales volume for the whole year demands extra special attention in this article, as it is a more significant indicator of the times and a fitting summary of the healthy evolution of Spanish real estate in recent times.
Annual sales figures
The quantity of property transactions in Spain grew by 10.1% in 2018, exceeding half a million in number and thereby confirming predictions made back in November that last year would be the most dynamic year for sales in over a decade.
The exact figure, according to the Spanish National Institute of Statistics, was 515,051 homes sold in 2018, taking into account both new build (92,520) and second hand (422,531) residences.
The last time more new development projects were bought up was in 2014, while resale properties in Spain sold in pre-crisis numbers: 2007 being the last time this sales volume was seen.
How strong were sales in Andalucía?
In short, fantastic.
Of the 515,051 homes sold in 2018, 101,330 were in Andalucía, which represents almost 20% of the total.
Whilst this is an impressive total, the fact that 1 in 5 Spanish homes were bought in Andalucía is a trend that stretches way back to the second quarter of last year, and the region was the heaviest contributor to the national total throughout 2018.
The second and third highest sales figures for the year came from Cataluña and Valencia, where 81,020 and 78,800 residences were sold respectively.
The conclusion is, of course, that buying property in Spain is a trending topic and there is a lot of excitement around affordable house prices combined with the recovering Spanish economy, better access to mortgages and improving exchange rates, for example.
Furthermore, Andalucía continues to prove itself to be a very sought-after market for buyers; I dare say in large part due to the attraction of the Costa del Sol as an incredibly desirable area for purchasing a second home, retirement, or earning a lucrative income through short-term or holiday rentals.
Did you buy a property in Spain in 2018? Are you glad you made the decision? Or perhaps you looking to buy here in 2019? If so, get in touch today and share your experiences below!