Sales in Spain on the up

GOOD news on the Spanish property market as the sale of residential properties increased by 8.8 per cent in June compared to last year.

The data, published by the National Statistics Institute, shows that Spain has seen a year on year increase in property sales for four consecutive months, ending a 10 month period of year on year declines.

Valencia has seen the highest number of house sales per 100,000 people, followed closely by the Canary and Balearic islands.

Relatively, Madrid performs best, with a 30.4 per cent increase. Extremadura, at 25.7 per cent, and Navarra, at 19.3 per cent, come in at second and third.

There has been strong movement on the Costa del Sol this year. Put into perspective: there were four new housing developments in the area in 2013 compared with none during the previous three years. Potential developers should remain grounded, however, as 30 per cent of new homes on the Costa are still to be sold.

An average two-bedroom flat on the Costa del Sol will cost the buyer €196,956, whilst a family home comes in at €393,520.

Experts predict that Spanish property markets will stabilise towards the end of the year.