Property sales and prices in Spain forecast to continue growth in 2018
Property sales and prices in Spain are forecast to rise in 2018 as long as there are no sudden economic surprises or changes to the mortgage market.
Anticipa, one of Spain’s biggest real estate providers, expects sales to rise 9.3% this year, 2018, to 526,000 units, up from 481,000 this year and 21% more than in 2016.
If the firm predictions prove accurate, 2018 will mark the first time in a decade that the country records property sales exceeding half a million homes, with 520.000 properties projected to be sold during the course of the year.
The last time Sapin recordes such high volumes of property transactions was during the year 2008.
It is also forecasting that prices have risen by 6.9% by the end of 2017 and looking ahead to 2018 are set to rise by slightly less at 6.1%. Even with this rise they will still be 27% below the peak of the market in 2007.
Prices for resales and new builds are expected to continue to increase by 5.8% over the fourth quarter of this year, the firm says in its latest real estate market report.
Forecasts could be affected by what finally happens in Catalonia regarding the region’s bid for independent from Spain. The region is regarded as the wealthiest in Spain and its capital Barcelona has seen some of the highest property price rises this year.
However, commercial and residential property prices are still exceptionally affordable in Spain compared to France, Italy and other Mediterranean countries.