A rise in second hand home sale prices, compared to the previous year, according to statistics! How does that sound? Exactly the type of news we all love to hear!
2016 Can now be recognized as, “the year of revival!” With an encouraging end to the year and now into the second month of 2017, this is proving that there are still, many buyers choosing to purchase property in Spain.
This year, the indicators that control the state of the housing market, have registered a double-digit growth rate that has not been seen for a very long time, especially after nine years of continued declines in the price of second hand housing, its very encouraging to see, such recorded figures.
The price of housing in Spain is stabilizing and, as a consequence, the Real Estate Index fluctuated throughout 2016 and reached 1,649 Euros/m2 in December. In general, house prices in 2016 fell slightly, however the last three months of the year showed three consecutive increases, with year on year rises above 1%. But the recovery we are witnessing as a whole, will be slow, moderate, and very uneven. Even with that in mind, it is expected to be constant, which will continue to make directive advances within the sector.
At the end of 2016, the Balearic Islands was the community with the highest prices (8%), followed by the Canary Islands (7.8%), Andalucia (3.1%), Comunitat Valenciana, Madrid and Catalunya, which increased by 2.2%.
While in 2013 the number of provinces, with double digit year on year falls was 16, in 2014 there were three provinces, in 2015 two provinces and encouragingly in 2016, no province registered double digit falls. These ranged from 0.5% in Murcia to 6.8% in La Rioja.
According to the 2016 ranking, Guipúzcoa was the most expensive province, registering a price of 2,989 Euros per square metre, 81.2% more than the national average of 1,649 Euros/m2, followed by Vizcaya - 2,734 Euros/m2, Barcelona - 2,422 Euros/m2, and Madrid at 2,255 Euros/m2. At the end of 2016, no province had a price higher than 3,000 Euros/m2, however in 2015, Guipúzcoa was the only province that did exceed that figure!
So you can see with these statistics, as long as you’re pricing your property correctly, it will sell! There are still many great buyers out there, that are looking to turn their dreams into reality, and want to make that purchase before the summer.
If you’re serious about selling, come to the market now. The longer you leave it, the more houses you’ll be competing with!