There has never been a better time to buy a property in Spain and, if the official sales figures are anything to go by, a huge number of international property buyers agree with us! Unsurprisingly, the covid pandemic had a negative impact on property sales across Spain – this is a trend that was seen across much of Europe, with potential property investors unable to travel to visit properties, causing the housing market to stall. But this trend has quickly reversed.
Spanish home sales throughout the first quarter of 2022 are higher than they have been since what is considered to be the ‘boom year’ of 2007. More people are choosing to invest in property in Spain than ever before, and many of these buyers are rushing to find their dream property and secure their purchase before inflation means that their borrowing costs will rise. Is now the right time for you to join them? Here’s everything you need to know about the current Spanish property market growth in 2022:
How Many Properties Were Sold?
In March 2022 alone, there were 70,812 properties sold in Spain. Across the first quarter of 2022 (January-March) a total of 173,688 properties were sold. This information is released directly by the Spanish notaries’ association. What is clear from these numbers is that property sales in Spain is booming: by looking at sales in March alone over the past decade, we can see that the numbers of properties sold has been steadily rising but the sales recorded this year are unprecedentedly high. The number of sales for March 2022 are 16% higher than they were for March 2021 and 37% higher than they were in March 2019. The figures for March 2020 should be viewed with the caveat that is was an unusual year where the Spanish property market had been knocked out by the covid pandemic, but as a point of reference, March 2022 sales levels are 118% higher than March 2020 levels.
It is clear that the post-pandemic recovery for the Spanish property market has been strong: the recovery began in 2021 and has shown no signs of abating since.
Where Are Property Sales the Highest?
Whilst demand for property, and the number of property sales, is high across Spain, with regional sales figures growing across all regions that would be appealing to foreign investors, some areas are experiencing higher growth right now that others. The biggest growth markets include:
- The Canary Islands, where property sales have increased by 45%
- The Balearics, where property sales have increased by 21%
- Andalusia, where property sales have increased by 23%. This was the region with the highest growth in sales across mainland Spain
- Valencia, where property sales have increased by 21%
What is clear is that, whilst people were stuck in their homes during the pandemic, a pent-up interest in Spanish properties grew, and that pent up interest has now been released. More foreign investors than ever are now grabbing their opportunity to buy property in Spain. This is only being helped by rising inflation costs, which mean many investors are moving quickly to take advantage of low rates whilst they can: will you be one of them?
Are you ready to buy property in Spain? Whether you’re looking for a home of your own or an investment property, our locally based property experts are perfectly placed to help you find the right property to meet all of your criteria. Why not get in touch with the team today?