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The real estate sector is getting closer and closer to 2008 housing sales levels. At least that is what BBVA Research predicts will exceed half a million transactions in 2017, 10% more than a year ago.
The data of the first months of the year confirm the upward trend in the purchase of housing. Up to May, 212,073 houses were sold, up 14.5% year-on-year. Thus, it seems that this will be the fourth consecutive year of increases since 2013, when land was hit with 300,568 movements, according to data from the Ministry of Public Works of Spain.
The increase in operations is mainly due to sales of main housing, ahead of demand from foreigners. A rise that has several consequences. One of them is the price increase. According to BBVA Research's forecast, the market value will increase by an average of 3% annually. This would leave the price of the square meter in about 1,570 euros, values similar to those of 2004, according to data of the Ministry of Public Works of Spain.
The report points out that developers are already responding to the advance of demand and are expected to target 80,000 new homes. This is 20% more than a year ago, which will contribute to the growth of the Spanish economy. Thus, BBVA estimates that investment in housing will account for 9.4% of GDP growth in 2017.
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Contact Complete Spanish Property and soon you will be enjoying your dream home in a wonderful place to enjoy life and feel energized and rejuvenated.