Property sales in Spain have shot up by 20% according to the latest report from Spain’s ultra conservative National Institute of Statistics (INE).
They have revealed the first double digit growth in Spanish property sales for three years. Sales increased by 20% in February after a marginal 2% in January, a great boost for Spain’s main engine of economic growth.
As 60% of the sales were in second hand properties, it seems like the many Spanish bank repossession bargains are the main driver of this new-found market recovery. Other indicators also seem to point towards a slow but clear and steady recovery of the collapsed real estate market. Analysts expect the activity in the main second home markets to spread across Spain in future month.
The high level of property sales in Spain suggests the prices are ripe and tempting for many 1,000s of buyers and specialists PropertyInSpain.Net claim current prices remain at their lowest for a decade in Spain.
Said property manager, Mar Walcott: ”The market is busier this year than at the same period last year as buyers realise there are some wonderful bargains around.
“Until now savvy British investors seem have been playing the waiting game to grab a bargain property in Spain, so it has been the less cautious Scandinavian, Russian and Spanish buyers, who have pushed the sales to record levels so far this year.”
Source:propertyinspain.net
