According to notaries, the sale of Spanish homes in March showed its first decrease in the last two years. The 50,299 transactions show a 2.7% decrease year on year. In the third month of 2018, the prices remained stable, with a slight rise of 0,4 percent to 1,353 euros/m2, or 126 euros/m2. Meanwhile hypothecs grew by 2.3% with over 23,000 new loans issued. find property qatar
Prices rose last March and new loans were granted but sales and purchases of properties fell for the first time in 28 months every year. In the third month of the year, according to data from the Spanish General Council of Notariats, notaries recorded 50,299 transactions and 2.7 percent less than in March 2017. (Consejo General del Notariado)
At the same time, the average price per m2 of homes sold is EUR 1.353 or EUR 126 per square foot, a slight increase of 0.4 percent.
Home mortgages in Spain also increased by 2.3% year-on-year to 23,147 new mortgages. Moreover, the average amount increased by 1.7 percent to EUR 134 623, compared with the same period in 2017.
The Spanish Costas remain a large pull for expatriates even after Brexit
In recent years, international buyers have certainly been a major driver of growth in the residential real estate sector in Spain. According to a report by different platforms, 44 percent of second-home landowners in Spain are expats and their favorite spots for investments in Spanish property are coastal regions (Costa Blanca, Costa del Sol and the Balearic Islands).
Zooming onto the Costa Blanca, according to the Valencian Notary Colleges, the number of homes sold to non-Spanish people in the province of Alicante in the second quarters of 2018 rose to 6.352, 15% more than in the same period last year. The UK is leading the way for the largest number of properties on the Costa Blanca, followed by Swedes, Belgians, German, French, Norwegians, Russians and Dutch.
According to data from the International Federation of Real Estate Professions (Federación Internacional de Profesiones Inmobiliarias or FIABCI), Spanish external purchasers account for 15% of the purchase and sale transactions. This figure however rises when it comes to second homes or residential houses, mainly situated on the Spanish coast.
For Spaniards, the residents of Madrid are the main customers of the Costa Blanca property. No other province in Spain sells as many houses to people in Madrid as Alicante, so it's important that this demand remains high for the good health of local real estate according to Solvia's Real Estate Trust Index (ICIS).
Should you buy property after Brexit in Spain?
While British citizens are Spain's main buyers of coastal property, political instability threatened to pay off the purchase and sale of properties on the Costa Blanca in the UK. According to data from Yer Realty, however, the "market remains stable and the worst thing is over."
In the first few months following the announcement of Brexit, the initial shock of the immobilized market in the last quarter of 2017 rebounded and real estate sales fully stabilized. In fact, the sales of properties increased by 10.9 percent in comparison with the first quarter of last year.
"The British have been the world's most loyal buyers of the Costa Blanca for years, and are in fact the world's biggest purchasing power on the immovable market. British sales account for more than 20% of all sales in A "icante," Yer Realty says.