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Property sales in Spain increase 14% in Q1
13 Jun
The latest official figures revealed that residential property sales in Spain grew by 14% in the first quarter of 2019 compared to a year prior.

When observed as a proportion of total sales, the National Institute of Statistics revealed that they grew 17.7% to 19.5%. Albeit high, this figure has yet to grow exponentially to reach the data seen in the first quarter of 2007, when new homes made up 41% of total sales.

Madrid recorded the highest increase of 34%, while Valencia recorded 24% and Barcelona grew by 12%.

Furthermore, estate agency Lucas Fox’s latest report showed that new homes sales in the prime market more than tripled in the first quarter of 2019.

As PropertyWire reports, Lucas Fox went on to say that the increase could mainly be accredited to significant growth in their Barcelona office, with the number of transactions completed in the first four months of 2019 rising by almost eight times more than in the same period in 2018. The average price of a new home sold by Lucas Fox increased by 23% from January to April 2018 to the same period this year, from €868,909 to €1,068,992.

Joanna Papis, head of new developments, said: “Scores of sales in Barcelona that had been in the offer stage finally completed in the year’s first quarter and regions such as Girona, Sitges and Marbella will also see a good end to the year where many deals will finally be signed off. We are currently commercialising around €1 billion worth of new development product across Spain.”

Most buyers were said to originate from the Middle East and the United States, while Brits accounted for a lot of interest in the property. Spanish buyers were also revealed to be on the increase, which proves that locals’ confidence in the market is increasing.

Several buyers are looking to invest in property and this is unlikely to end any time soon, as Spain’s increasing prices and rental returns provide the perfect window of opportunity.

Buyers’ housing requests are also accelerating this year, with Papis saying: “Buyers are looking for secure neighbourhoods with plenty of high class services. The type of product is changing as the expectations of clients becomes higher. They want home automation systems, porterage, a gym, a spa and a heated pool, all of which is now becoming the norm in new projects. Energy efficient and sustainable homes are also very much in demand.”

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