In news that will be heartening to many of those interested in investing in Sotogrande property who are attempting to gauge the present state of the Spanish housing market, it has been reported that property sales throughout the country have returned to levels not achieved since the onset of the global financial crisis in 2008.
The latest data from the Association of Spanish Notaries has shown that 64,877 homes were sold in Spain during June 2021 – a 71% increase on the same time last year.
The growth since last year is not completely surprising, considering that June 2020 marked the month when Spain exited its first coronavirus lockdown, and was therefore a time of considerable economic uncertainty.
Nonetheless, these figures also mark the first time the market has exceeded 60,000 sales per month since 2007, when the late 2000s global economic slowdown hit the Spanish construction sector hard.
To get a better picture of this boom in Spanish property sales, therefore, it is helpful to consider data from a couple of years prior for benchmarks. In fact, Spanish property sales were 41% higher than in 2019 and 13% up on 2018’s figure.
Property sales have increased due to greater buyer confidence
The Olive Press reported that property sales across Spain likely increased due to improved buyer confidence in the property market, labelling this sharp rise and recovery as “spectacular”.
In fact, the Spanish property market is doing much better than many experts expected, especially as significant numbers of foreign buyers are still being kept away from the country due to ongoing coronavirus travel restrictions.
Despite this, the property market was fuelled by growth in regions that are timelessly attractive to foreign buyers and investors, especially including property in Andalucía and the Costa del Sol, and thus Sotogrande property.
Andalucía property is thriving across all measures
Although Andalucía took a considerable hit during the coronavirus pandemic, this region is delivering one of the strongest recoveries (if not the strongest) of any region in Spain. Since June 2020, property sales in Andalucía have increased at a rate above the national average rise.
Considering home sales by selected regions year-on-year, Andalucía is recovering the strongest of any Spanish region compared to figures from 2019 and 2018, with sales up by more than 50% since 2019 and 25% since 2018.
Looking at sales in the year to date, as in during the first six months of 2021, Andalucía is also recording one of the most impressive recoveries of Spain’s regions.
Now is the perfect time to invest in Sotogrande property
Why not take advantage of the recent boom in the Spanish property market by investing in highly desirable and exclusive Sotogrande property? Our experts here at BM Sotogrande are always on hand to provide informed and tailored advice and guidance for clients looking to either buy or sell Sotogrande property.
Enquire today by calling (+34) 956 785 092 or by emailing email@example.com to take the first step towards obtaining your dream home on the Costa del Sol today.