Spanish residential investment surpasses 2016
New figures show that investment in Spanish residential property had already soared above the total for 2016, with €1.188 billion invested by the end of September, compared with €802 million for the whole of the previous year.
“This definitely reflects the idea that the market is beginning to build up speed after years in the shadows,” states a report in the Spanish daily newspaper El Mundo.
Similar upward trends have emerged in property values, which rose by 5.6 per cent in the second quarter of 2017, compared with the same period in 2016, and in the volume of sales, up by 14.7 per cent over the same period. Mortgage approvals in the year to July 2017 rose by a remarkable 32.9 per cent compared with the same period in 2016.
According to the nationwide Tinsa Index, which measures house prices across Spain, property values rose by 4.7 per cent in the month of August alone. This national average breaks down into 6.8 per cent rises in the larger Spanish cities and provincial capitals, by 2.8 per cent in the Balearic and Canary Islands, and just 0.8 per cent on the Mediterranean coast.