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Rise in Property Sales in Spain

Property sales in Spain increased by 12.6% in May compared with the previous month, with the Balearics seeing the biggest increases, according to the latest data from the National Statistics Office.

house in Marbella 300x225 - Rise in Property Sales in SpainThe data also shows that new home sales were down 8% from a year earlier and second hand homes up by 16% which could be good news for those who have been unable to sell.

The biggest annual increases in May were in the Balearics with a rise of 33.1, Cantabria was up 30.4%, Andalucia was up 10.7% and Catalonia was up 3.1%.

The biggest decreases were reported in Castilla-La Mancha with a fall of 15.2%, Galicia with a fall of 6% and Comunidad de Madrid was down 5.5%.

Meanwhile, the latest figures from the General Council of Notaires shows a sharp rise in the number of Chinese buyers in Spain, suggesting that they are responding to the golden visa rules which grant citizenship to non European Union nationals who invest a minimum of €500,000 in real estate.

Looking at non-resident demand for Spanish property in the first quarter of this year broken down by nationality, and comparing it to the same time last year, Chinese demand increased by 666%.

The next best performer in terms of non-resident demand growth since the Spanish Golden Visa scheme came into force last year was the United States with an increase of 143%.

The only other country with an increase of more than 100% was Argentina, up 115% to 28 sales, once again starting from a very low base.

Big increases in purchases by non-residents from countries outside the EU are likely to be driven by golden visa buyers.



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