Real estate investments in Spain in 2018
According to BNP Paribas Real Estate, the Spanish real estate market continued to grow throughout 2018. According to the calculations of their analysts, the total investment in this industry was more than 11 billion euros, which is more than 8% of the figures for 2017. Experts also stressed that if you take into account the figures belonging to the sphere of corporate operations, the final results will grow to €19 billion.
The number of new homes in the first five months of 2018 showed a record value: 38 238 new homes were sold throughout Spain, which represents 18% of total sales.
The average price of property sold by Lucas Fox in the first six months of 2018 rose by 19% to an average of €859,231, confirming that the luxury property market in Spain is recovering well. Sales in all regions have increased by 27% year on year. Due to the Catalan political situation, the total number of sales transactions carried out by Lucas Fox in the first six months of 2018 decreased by 13% compared to the same period in 2017, but the total value of sales showed an increase of 3%. Key local destinations such as Marbella, Costa Brava and Ibiza have seen significant growth compared to the same period in 2017. Only Barcelona and Sitges showed a drop in sales.
Investing in real estate in Spain: sales statistics
The situation at the end of 2018 deserves special attention. Thus, the amount of completed transactions for the purchase of real estate has reached almost 4 billion euros, which is a third of all results for the last year.
According to official data from the Spanish Real Estate Register (Registradores), in the first quarter of 2018, almost 17,000 houses were sold to foreigners, which is slightly more than 13% of total sales, compared to 15,000 for the same period in 2017.
Lucas Fox sales in the first six months of 2018 were dominated by foreigners, who accounted for 66% of sales, with the majority still being in the UK, France, USA and Scandinavia.
Just over a third of all Lucas Fox buyers purchased property as their principal residence in the first six months of 2018 with a similar share purchase as their secondary residence. The rest is mainly purchased for investment purposes.
Idealista, a leading real estate portal, has shown that property prices continue to rise year on year, recording annual growth of just over 7% at the end of the second quarter of 2018.
Spain continues to be one of the fastest growing economies among developed countries. Thus, during 2019, experts expect the economy to grow by 2.1%, which makes the Spanish market a profitable place to invest their investments.