Prices for second homes in Spain and the volume of its sales reached a 10-year high
During the first seven months of this year, more residential secondary real estate properties were sold in Spain than in the same period of 2008, when the financial and economic crisis has not yet reached its maximum development. Now the share of "secondary housing" accounts for about 80% of all housing, which is sold in the country, which, first of all, due to the high level of prices for new buildings. So, according to notary offices, in June 2017 the cost of one square meter in an apartment or house already in someone's property averaged € 1478, whereas in new housing it reached € 2,047. When buying an apartment for a family of 4-5 people the difference in price was already very significant.
The increase in demand for secondary housing led to an increase in prices, which in August was 4.9% compared to the same period last year. For comparison: in May 2007 this indicator was equal to 5.4%, after which it began to decrease steadily until 2013. The most significant increase was observed in the Balearic Islands (+ 16.2%) and in Catalonia (+ 11.6%), followed by the Canary Islands (+ 5.6%), Andalusia (+ 5.4%), Castile-La -Mancha (+ 4.7%) and the autonomous community of Madrid (+ 4.2%).
According to the experts of the Spanish real estate portal Fotocasa.es, the improvement of the economic situation in the country, in particular, in the labor market, contributed to such a noticeable growth in activity in the housing market and restoration of consumer confidence in this sector. However, despite the increase in the number of transactions for sale and mortgage loans issued, there is still no need to talk about an early return to pre-crisis indicators.
