The Spanish property market has continued to grow throughout 2018 so far with 217,539 properties exchanging hands in the first five months of the year, according to the National Institute of Statistics (INE), an increase of 13% over the same period in 2017. The number of new homes in the first five months of 2018 showed a similar growth, with 38,238 new homes being sold across Spain, representing 18% of the total sales.
Latest data from the Spanish Department of Development (Fomento) showed that the number of mid-market sales transactions (between €450,001 and €900,000) across Spain in the whole of 2017 increased by 29% compared to the number of mid-market sales in the whole of 2016. The number of prime sales transactions (over €900,000) in the whole of 2017 also increased compared to those in the whole of 2016, by 34%.
According to official data from the Spanish Property Registry (Registradores) almost 17,000 homes were sold to foreigners in the first quarter of 2018, representing just over 13% of total sales, compared to just under 15,000 in the same period in 2017.
Leading property portal Idealista showed that property prices have continued to increase year-on-year, recording an annual increase of just over 7% at the end of the second quarter of 2018.
Spain continues to be on track to be one of the fastest growing economies among developed countries, Growth during 2018 is currently predicted at 2.4% by the IMF, slightly down on its earlier forecast due to the political instability. However, during 2019 the economy is expected to grow by 2.1%, which is above the original forecast on the premise the political uncertainty will have subsided by then.
Figures from Spain’s National institute of Statistics (INE) from Q1 2018 show that Spain’s unemployment fell by 458,900, a 10.79% fall over the same period in 2017. The Spanish government is committed to creating 500,000 new jobs in 2018.
Spain’s tourism sector recently posted record figures both for the number of foreign visitors to the country and for their spend. In the first quarter of the year more than 13.7 million overseas visitors came to Spain, an increase of 6% over the same period in 2017, spending a total of €14.7 billion, according to the National Institute of Statistics (INE).
The number of foreign buyers in the Málaga Province accounted for 31% of the total sales in the first quarter of 2018 compared to 28% in the first quarter of 2017. (Registradores)
Average property prices in Málaga Province showed an annual increase of 12% at the end of the second quarter of 2018, ending the quarter on €2,034 per square metre. Average prices in Benahavís, Estepona and Marbella also increased, ending the quarter on €2,325 per square metre (13% increase), €2,206 per square metre (12% increase) and €2,766 per square metre (8% increase) respectively (Idealista).
The number of passengers arriving at Málaga-Costa del Sol airport in the first six months of 2018 showed an annual increase of 3% over passenger arrivals in the same period in 2017. Just over 8.6 million passengers arrived at Málaga-Costa del Sol airport in the first six months of 2018 (Aena).