Spain’s property market relished another healthy increase in prices over the first three months of this year.
A jump of 6.3% was the largest rise since the great crash of 2007 and marks the eight consecutive quarter for price increases, according to official figures from the country’s National Institute.
Sales of new houses rose 6.1% compared to the same period in 2015 while sales of older properties went up by 6.4%.
Following the market collapse in 2007, owners found it difficult to sell houses and certainly not without a loss. Banks also struggled to find purchasers for an excess of unsold properties. Many developments across the land languished in semi-completed stage.
Insiders are optimistic that the recovery will continue to gain traction while thinking that the exaggerated boom the country underwent before the collapse is not likely to return.
Estate agents are hoping that potential buyers will jump into the market now that it is picking up.
Foreign investors have made their contribution, with buyers from abroad accounting for 17% of all sales during 2015, according to Spain’s industry department.
This means that Spanish citizens have been responsible for more than 80% of sales during the year.
The Balearic island still attract the greatest interest from foreign investments, responsible for just shy of 40% of all sales in 2015.
The Canary Islands and the Valencia region are other popular spots, with foreign buyers accounting for 37% and 34% respective of all sales.
