2019 Spanish property sales outlook optimistic!
The real estate market in Spain is set to stay buoyant in 2019 with a company that predicts that prices could increase between 5% and 7% in 2019.
The data from the TINSA valuation firm also show that house prices increased 5.6% year-on-year in the country in November and sales are predicted to increase from 500,000 to 625,000 to 650,000 in the future.
As well as property sales, the number of construction licenses awarded is expected to grow in a similar way and will reach 100,000 to 125,000 by 2019. But the figures also indicate that prices are still 36% lower than the level reached before the financial crisis in 2006 and 2007.
It is also likely that there are regional variations with larger cities that are likely to see higher property prices increase, while growth in coastal regions may be smaller.
Spanish home builder Taylor Wimpey Espana believes that 2019 will be a busy year for the nation's real estate market with strong demand from domestic and foreign buyers.
Marc Pritchard, Sales and Marketing Director, is predicting that popular places like Mallorca, Ibiza, the Costa Blanca and the Costa del Sol will continue to attract buyers, particularly from Germany and France in 2019.
"It is likely that these two groups will buy in large quantities, along with the great interest of buyers in Scandinavia." It will be interesting to see what impact Brexit has on British buyers next year as well, "he said.
"At present they continue being the main nationality in terms of foreigners who buy houses in Spain, although if that will continue being the case it is something that nobody can predict with certainty", added.
Marbellapads are also seeing positive waves of enquiries that continue this trend.
The Spanish Bank BBVA has already predicted that 2018 will end with an annual increase in house prices of 5%, with the highest increases found in cities such as Barcelona, Palma and Madrid.
It also expects the number of foreign buyers to increase. In fact, the figures of Spanish notaires show that 53,359 homes were purchased by foreign buyers in the first half of 2018, much higher than the previous record of 33,000 sales recorded in the same period of 2007 when the real estate market in Spain was in its apogee.
