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A good May for the Spanish property market

Spain’s property registry have released figures showing that for the month of May there was an increase in sales activity with almost 30,000 sales taking place nationwide in the month.

Compared to the data for the same month last year equates to a 6% increase. Resale properties (second hand) accounted for 78% of all properties bought and sold in Spain during the month of May. However Spain’s new build sector compared to the same period last year reduced by 40% and registered only 6,000 transactions. Overall the Spanish property market enjoyed an 8.5% increase in transactions compared to May 2014. In the past 12 months (June 2013 to May 2014) there have been 329,000 sales registered which is a 9.6% increase on the same period for the previous year.

A recent economic forecast has suggested that demand for property is going to increase by 85,000 units per year for the next few years. There are 18.3 million households in Spain but this is set to increase to 18.5 million in 2016. This is due to Spaniards and non-Spaniards living in Spain will live alone or purchase a second property. This is good news for the property sector that has showed over the past 12 months that its recovery is in full swing as foreign investment and confidence increases along with domestic demand.

Data from the Ministry of Development shows that Spanish property prices are set to increase shortly. Property transactions during the first quarter in terms of money were 0.8% higher than the same period a year previous. The data is averaged out nationally and some regions are still not performing as well as others which does drag the national averages down. The Costa del Sol has seen prices rise slightly for the past 12 months.

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