The forecast of the Spanish property market in 2019
We wrote earlier about the rising selling prices of houses in Spain in 2018. Now, the future of the real estate sector in 2019 is forecast to look very good.
Busy and positive year
According to forecasts by various professionals in the Spanish real estate sector, the year is going to be busy and positive, says ‘Resales Online’. House prices will continue to rise in 2019, as will the sale of new homes and resales. In addition, similar growth can be seen in the granting of building permits.
Good in all respects
The ‘Instituto Nacional de Estadistica’ (National Institute of Statistics) reported in 2018 that Spanish real estate is doing well in all respects. For example, there was a growth of 6.8% in the second quarter of the year and new homes grew by 5.7%. The demand for real estate in Spain therefore continues to rise. Also the sale of houses to non-Spanish people continues to rise. In the first half of 2018, no fewer than 53,359 domains were sold. This is already 33,000 domains more than in the same period twelve years ago. Data from the Spanish real estate market show that most purchases by foreigners are currently made by British, French, Italians, Germans, Belgians and Swedes.
Expectation in 2019
It is expected that the growth of 2018 will be maintained during 2019. Most importantly, the average price of property in Spain is still 36% lower than just before the financial crisis in 2006. This means that it is still a wise option to invest in Spanish property. In addition, Spanish banks report that the real estate sector is probably ‘prosperous’. ‘BBVA’ expects annual house prices to rise by 5% in 2019 and ‘CaixaBank’ reports a favourable outlook for this year. With the additional favourable support of the financial world, 2019 is expected to be another positive and profitable year for the Spanish real estate market.
You can also read this on our site
Property sector price increases for Spain in 2018
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Source: resales-online.com – Photo: Pexels