15 January, 2018

By VIVA Team

At the end of November, the amount of homes sold in the preceding 12 months was 50% higher than recorded in 2014.

At the end of November, the amount of homes sold in the preceding 12 months was 50% higher than recorded in 2014.

In just four short years, the Spanish property market has recovered in quite startling fashion.

Back in 2013, the sector appeared to have somewhat lost hope: four tough years of sustained job losses, dwindling confidence, bankruptcies and a near-complete halt in construction activity threatened to set the Spanish property market back years.

In fact, since the credit crunch of 2008, it has taken less than a decade for the industry to fully recover – and strengthen, too. Data for home sales in 2017 followed a trend of growth first set in 2015, and the latest figures from last November are the cherry on top…

The National Statistics Institute (INE) has confirmed that the 40,579 properties sold in November 2017 was a massive 18.1% higher than in 2016. This strong performance made it ten months out of 11 last year when a sizeable increase in transactions was registered. November data also showed that sales volumes are rising pretty much across the country.

In October, all but two of the 17 autonomous communities of Spain registered growth in sales, while in November that ratio remained, but the volume of activity increased. For Andalucia, home of the Costa del Sol, sales volumes were 24% higher than over the same month in 2016.

However, the most striking data becomes evident when the past 12 months tally is taken into consideration. Between November 2016 and November 2017, some 462,000 homes were sold, up from less than 300,000 in 2014. Not only is this a 50% increase in four years, but a 14.3% increase over the previous 12 months.