Spanish economy and property sector booming
A succession of major reports say that the Spanish economy, and its property sector, is enjoying sustained and dramatic growth.
“Spain is in the fourth year of impressive economic expansion and job creation,” notes the International Monetary Fund (IMF) in its July statement. “Thanks to past reforms, the economy has become more competitive, flexible and resilient.” The IMF predicts a GDP rise of 3.1 per cent in 2017, above the Eurozone average.
Spain’s unemployment rate has fallen to its lowest level since 2009, down by more than 400,000 persons between June 2016 and June 2017, said the country’s Labour Ministry. The construction sector registered the highest increase in employment.
Home sales are 10 per cent above 2016, according to Spanish bank BBVA, with transactions expected to hit 500,000 for the year, for the first time in a decade. Rents rose by 8 per cent in the first six months of the year, compared with house price rises of 2 per cent.
“All the data confirms a path of sustained growth nationally that began several quarters ago,” said a senior Spanish property analyst. “And we are seeing a strong rate of purchases by foreign investors thanks to both the good supply of property in some areas and the level of prices accessible to them.”