By Chris King • 07 August 2021 • 19:40
Real estate boom predicted in post-pandemic Spain.
Credit: ayto Estepona
A BOOM in the real estate market in Spain has been predicted as a dramatic increase in property sales is reported
A report this Friday, August 6, by the National Institute of Statistics (INE), has brought a glimmer of hope to the real estate market in Spain, as the pandemic seems to be slowly levelling off, property sales are increasing, it says.
In just twelve months, to June 2021, there had reportedly been a dramatic 73.5 per cent rise in sales compared to the same date in 2020, with an estimated 48,201 transactions taking place, and 2021 witnessing four consecutive months of increased sales, 32.4 per cent in March, 65.9 per cent registered in April, a whopping 107.6 per cent in May, and 2.5 per cent in June.
This increase is explained as being the result of a 71 per cent rise in the number of people – 9,363 transactions – buying new homes, as well as a 74.1 per cent increase in the sale and purchase of used apartments, which totaled 38,838 transactions.
In the first sixth months of 2021, 91.7 per cent of the homes sold by purchase and sale were private homes, showing a rise of 74.7 per cent compared to last June, with 44,196 transactions taking place, while that of subsidised homes rose by 60.8 per cent, totaling 4,005 transactions, while in the same six months the sale of new homes accumulated a rise of 31.4 per cent, with increases of 44.4 per cent in sales on new homes and 28.4 per cent in the case of second-hand ones.
Last June, the regions of Spain with the highest number of sales per 100,000 inhabitants were the Valencian Community, the Madrid Community, and Andalucia, with Andalucia the one showing the most sales during the first half of 2021, with 9,945 purchases taking place, followed by Madrid with 7,998, and Catalonia with 7,151.
The Communities that presented the largest annual increases in the number of home sales in June were: Comunidad de Madrid + 99.3 per cent, Aragon + 89 per cent, and Andalucia + 88.4 per cent, while the regions of Cantabria + 24.3 per cent, the Basque Country + 29.3 per cent, and Principado de Asturias + 38 per cent, registered the lowest increases, as reported by larazon.es.
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Originally from Wales, Chris spent years on the Costa del Sol before moving to the Algarve where he is a web reporter for The Euro Weekly News covering international and Spanish national news.
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