Spanish Property Market Recovery Increased in January

January saw the largest monthly sales total for Spanish property in four years, as the Spanish property market recovery continues to increase at a pace.

Property sales were up 18.1 per cent year-on-year in January 2017 compared to the previous year, reaching a total of 38,457 transactions across Spain.

Due to renewed confidence in the property market by both Spanish nationals and overseas property investors alike, the figure was the highest total since January 2013, when sales were artificially boosted by a rush to avoid a change in tax legislation at the end of the previous year.

The largest january rise in prices was seen in the region of Cantabria on the north coast of Spain, where property sales surged by 45.1 per cent.

This was closely followed by the ever popular Balearic Islands including Mallorca and Menorca at 40.5 per cent, and the region of La Rioja rising 40.1 per cent.

In fact the only region not to show a rise in sales was the Canary Islands where sales stalled and showed a minimal decrease of 0.5 per cent. However, the property market in this area has remained more robust throughout the financial crisis.

When population is taken into account, the Balearic Islands actually came out top, with an average of 150 property sales per 100,000 inhabitants during January 2017, as many Spanish and international investors increased interest in the holiday islands.

Whilst the sales figures look particularly good for January, they actually only continue the upward trend seen in the Spanish property market.

The twelve month cumulative property sales total for the whole of Spain is now 15.6 per cent higher than the same time last year, reaching almost 410,000 property sales in the twelve month period.

As the Spanish property market recovery increases, more and more British overseas property investors are flocking back to this popular holiday and property investment destination.