Buoyant Spanish property market

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SECOND-HAND HOMES: Have helped to drive the surge in sales.

HOME sales across Spain rose by almost 20 per cent in June, heralding a hugely significant increase, which led to the greatest number of private property transactions since January 2013. 

There were 36,856 sales across the period, which became the fifth consecutive month to see year-on-year increases. 

Second-hand homes drove the surge, accounting for more than 30,000 of the sales, while coastal locations played a considerable role in the improvement. 

The Balearic Islands, Valencia and the Canary Islands were the provinces registering the greatest number of sales per 100,000 residents, while Andalucia clocked up the most in volume at 7,496. 

The data, published last week by the National Statistics Institute, comes at a time when Spanish real-estate is enjoying a steady and serious recovery, as yet incomparable to the voracious pre-crisis figures, but far more stable and enjoying a firm degree of investor confidence.

Indeed Spain is now considered the ninth most popular destination for international investors in the real-estate, construction and property markets, while the legions of private foreign buyers continue to grow. 

With all the key markers seeing solid results, consistently improving across recent years and months, confidence has also returned to the street as local residents and younger professionals move away from renting and towards home ownership. 

The good news is coupled with an optimistic forecast from famous holiday-home builder Taylor Wimpey who expects ‘good progress’ in the sector throughout 2016. Their statistics show a startling 20.4 per cent jump in the average selling price of a Taylor Wimpey built home, from €284,000 in 2015 to €342,000 this year. 

The willingness of international buyers to pay a premium price is especially indicative of enhanced consumer confidence, particularly among foreign residents, a key mainstay of the Spanish property scene.

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