The month of August 2016 is likely to go down in history as a record-breaker for Spain for many reasons.
Boosted by millions of extra tourists flooding into the country at the height of summer, Spain has seen record spending by consumers, more overnight hotel stays than ever before, and more flights in and out of the country…
All of this was bound to have a positive impact on Spain’s property market, and the latest data from the Office of National Statistics (INE) does not disappoint – figures show that the number of home transactions recorded in August this year was 20.3% higher than last year.
In total, August saw 35,501 homes change hands for the month, which is the highest figure since 2010, and marked a continuation of the positive trend that has characterised Spain’s property sector for many months straight.
For the first eight months of the year, Spain has seen 276,000 home sales nationwide, which is an increase of 14.8% on the same period last year.
Taken over the past 12 months, the 391,000 homes sold in Spain represent an annual 13.3% increase, and many experts are confident that this trend will continue for at least five more years as Spain’s economic recovery continues.
The country’s GDP is set to end the year with around 3% growth, which has supported sustained domestic demand in the real estate sector. Foreign demand has also been strong in 2016, largely as a result of steady British interest over the course of the year.
However, buyers from France, Germany and Scandinavia still play an important part in the market, while Chinese buyers are also growing steadily in number as Spain’s charms continue to turn heads the world over.