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Thursday, September 1st, 2016

Spanish property market continues to grow

The latest official figures confirm the trend which has been noted for some time in the Spanish property market: the increase in property prices. As a leading estate agent in Marbella, DM Properties is pleased to observe a first price increase of this kind since 2007.

Growth of the Spanish property market

According to information from Eurostat (the European Commission’s statistics office), during the first quarter of 2016 the price of residences increased by 6.3% compared to the previous year. This is the eighth consecutive quarter in which property prices in Spain have experienced an increase, following six years of falling prices. However, in Marbella this trend and the subsequent recovery of the real estate sector began much earlier.

Nationally, during the last quarter of 2015 prices had already increased by 1.4%, demonstrating the continued growth during the year. One could also deduce from these figures that Brexit – the United Kingdom’s referendum to leave the European Union – has not yet had any repercussions on either Marbella’s or Britain’s property market, since the value of houses increased by 8% during the first quarter in the UK. Now one can only hope that there will be no negative results after the ‘Yes’ vote for Brexit.

In Europe, property prices have increased by 4%, while the trend has been much the same in the Eurozone with a 3% increase, its best figure since 2008. However, the property market has suffered in countries such as Cyprus and Italy, with a 1.2% dip in prices. As for Greece, official figures have not yet been released.

While Spain is experiencing a consistent rise in prices, other countries such as Hungary (15.2%), Austria (13.4%) and Sweden (12.6%) are witnessing excessive increases. These figures could represent a plus point for Marbella’s property market, given the considerable amount of interest that its properties generate among clients from Northern Europe. The price increase in Sweden, Denmark and Norway could result in greater demand for properties on the Costa del Sol from Scandinavian clients.

The official figures provided by Eurostat have confirmed the predictions made by different sources over recent months concerning the increase in property prices and the subsequent recovery of the Spanish housing market.

At DM Properties we boast a broad selection of properties in Marbella. If you are interested in investing in a property in our area, please do not hesitate to get in touch.

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