Good News for Real Estate Market in 2019

We have good news for 2019 regarding the Spanish property market to share with you!

The real estate sector has started the new year with good perspectives and new challenges, following a year marked by small investors investing in the purchase of houses to rent out or refurbish and to then sell.

Data from the Q3 2018 House Price Index (HPI), published by the Instituto Nacional de Estadísticas, paints an extremely positive picture. The figures show an 18th successive quarter of house price growth with average house prices up 7.2% year on year across both new builds (6.1% growth) and resales (7.3% growth). About 590,000 properties were sold in Spain in 2018 and the trend is set to continue.

Compared to many European Cities, the Spanish Real Estate market remains affordable in the big cities, and therefore offers better return on investment.
According to Deloitte, Barcelona and Madrid, along with the Costa del Sol, the Balearic Islands and Valencia, are some of the top locations for good rental income.

The Balearics have recovered from the crash the quickest, reaching almost 90% of their pre-crash peak.

Madrid has achieved the biggest growth this year, boasting a 10.9% increase in house prices in 2018, the region has grown to just over 80% of its highest recorded levels.

Other regions that have experienced strong recovery are Andalusia, the Canary Islands, Galicia, Murcia, Valencia and Catalonia, all of which have recovered to at least three quarters of their peak prices.

When looking at the Spanish economy in general, we see it is recovering in various areas:
Unemployment has dropped from 26% to around 16% in the last 5 years, data from the Labour Force Survey on construction indicates that the workforce has increased by 1.3% and Spain´s GDP is forecast to reach at least 2,5% in 2019.

Property sales in 2018 were on average 17.9% higher per month than the previous year. Additionally, around 100,000 new construction licences were issued.
In conclusion, 2019 should be a good year for real estate, provided confidence in sales and mortgages remains.

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