Spanish property 2017: Year in review, part I

In many ways 2017 has been a rather low-key year after the shocks of 2016: no Brexit, no new US president, no swathe of celebrity deaths and markedly less trouble and turmoil in the Middle East.

For Spain, the Catalonia independence ‘crisis’ and the terrible terrorist attack at Barcelona’s Las Ramblas were the only real black marks on 2017’s calendar, with the general tone across the nation one of optimism – rooted in Spain’s excellent economic upturn and soaring property industry…

As is tradition, VIVA casts its keen eye over the past 12 months to recap on how the story of 2017 unfolded…

January: The only way is up
The first month of 2017 set the trend for Spain: a trend of upwardly rising numbers in tourism, property prices, property sales and job growth. The first official sets of data rolled in around March, and it all exhibited just how good January was for Spain, with property sales hitting a four-year high for the month and tourism up 15% on the previous year. An encouraging start.

February: Winter leaves early
One can never be entirely sure just how mild a Costa del Sol winter will be, but some years the mercury can sit reassuringly high on the temperature gauge as soon as February hits. In 2017, the winter was rather wet, but by the time mid-February rolled around the skies had cleared and the warmth had begun to return – setting the scene for a scorching year.

March: Chinese fever
In March, figures were published that revealed Spain to be China’s seventh-most invested-in country in Europe, and one that is rising fast. The power of Chinese spending is rising with every year as the nation’s middle-class grows and tourism to Europe becomes increasingly popular. In 2016, a massive €1.7 billion was spent in Spain by the Chinese – the fastest-growing figure in Europe.

April: Wine lovers rejoice
2017 was, in many ways, the year in which Spain returned to normality, or rather, it marked a decade since the economic downturn first reared its ugly head. So while this year was the strongest for property sales and the economy in ten years, it also marked the first year in – yes, you guessed it – a decade that Spain’s wine consumption increased, growing 4.4% on the previous year and revealing that Spaniards knock back an average of 22 litres of plonk each per year. This is around the same amount as Brits but way less than Croats and Slovenes, who get through 44 litres of wine per year.

May: Give it six months
Moving to Spain is an exciting rollercoaster of emotions: incredible highs, the occasional lows and some expected, and unforeseen, twists and turns. But if you’re a recently arrived expat, the sage and sound advice appears to be: give it six months. A survey by HSBC Expat Explorer found that the average expat takes six months to feel fully settled in their new country – something to bear in mind as you plan your new life overseas.

June: Home values creep on upwards
By mid-June, just as Spain was entering its first sweltering summer heatwave, date from May was published that revealed an average annual price increase of 5.3% across the country. INE data revealed that it was 20 months of uninterrupted price rises for Spanish property, and the trend only continued throughout the rest of the year…

To be continued…