Property Sales in Spain on the Rise

Property sales in Spain have grown at a rate not seen since the last property boom, as the market continues to strengthen following the pandemic.

According to information from the Association of Spanish Notaries, 64,877 homes were sold in Spain during June, representing an increase of 71% from the previous year. This marks the first time that the market has risen above 60000 sales in a single month since 2007 (disregarding a few anomalous spikes caused by bank activity during the crash).

Property Sales in Spain fell below 20000 during the lockdown last April, but have now risen to over 60000 sales per month, across four out of the previous six months.

Sales increased by more than 100% compared to 2020 in both the Canary Islands and the region of Valencia (which encompasses the Costa Brava), both of which are key areas of interest for overseas buyers looking for a place in the sun.

Naturally, an increase in sales was to be predicted, following on from the effect of the pandemic and the resulting lockdown, however sales during June also increased by 41% when compared to the same month in 2019 and 13% in comparison to 2018, showing that the market is now improving, despite the setbacks of 2020.

Looking back to 2018 and 2019, Andalusia is the region that has shown the strongest growth since this time period, with an increase of over 50% in sales compared to 2019 and 25% in comparison with 2018.

Whilst we have to expect that this may be in part due to buyers who had hesitated to finalize the purchase of a home during the pandemic finally deciding to do so, which may lead to property sales in Spain cooling off a little over the coming months, it is clear that buyer confidence is on the up.

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