2015 has been a positive year for the spanish housing market ending a crisis that began in the third quarter of 2007 and reached its turning point in 2013. Properties sold were mainly previously owned homes due to the absence of new developments available.
Foreigners were main buyers of second homes mainly holiday homes: 65% of second homes were sold in Spain to foreign buyers.
For 2016 due to better access for Spanish to mortgages it is expected that around 15 to 20% more properties will be sold which should increase property prices as well.
More new property developments should happen: only 50 000 new properties were built in 2015 compared to 750 000 in 2007, but we could see very soon around 200 000 properties per year…
The Spanish economy is strenghtening and GDP in Spain is currently at +3.2% for 2015 more than twice the Eurozone average which is at 1.5%, and an unemployment at 21,2% for 2015 lower and lower which should reach 18% in 2017.
Cataluna Property prices were up 6.1% for the third quarter of 2015 after +5.5% in Q2 2015 according to the latest stat released by the Spanish National Stats Institute (INE).
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