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Property sales in Spain reach three year high

Residential property sales in Spain increased in May to their highest level for three years, according to the latest official figures.

Mijas 300x199 - Property sales in Spain reach three year highBut there is an ongoing collapse in new home sales, the data from the National Institute of Statistics (INE) shows.

Overall there were 26,455 homes sale in May, up 5% on last year and 11% on the year before that. But a breakdown of the figures shows that the increase came from the resale market, up 34% over 12 months, whilst new home sales fell 42% to just over 6,000.

The overall picture is one of a recovery in demand for property in all areas where foreigners tend to buy, but with the market hamstring being a lack of attractive new homes for sale.

However this could be about to change. Demand is growing for new homes in Marbella, for example, and developers are building again.

Land is in high demand and for the first time in almost a decade residential, and commercial and tourism projects are under construction.

Apart from British buyers, northern Europeans, particularly those from Scandinavia, the Benelux nations, Germany and Russia are also ranking highly among those choosing to build their dream homes on the Costa del Sol.



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