The Spain Property Registry reported that the volume of Spanish property sold increased by 13 per cent year-on-year in the third quarter of 2010. The Overseas Property Professional organisation reports that statistics show residential property transactions were up by 13 per cent with new builds increasing by 9 per cent and re-sales by 17 per cent.
It could be the perfect time to buy considering the market in the popular European destination appears to be stabilising after some difficult years. New figures from the Spain Property registry show that property sales in the country have increased in the last year as many Brits head to Spain to snap up a property bargain.
Sales up 13 per cent in 2010
In addition, the Instituto Nacional de EstadÃÂstica (the Spanish National Statistics Institute) has also revealed that the average value of mortgages constituted in September increased by 4.2 per cent.
These figures demonstrate that the Spanish property market is starting to recover as mortgage finance become more readily available and overseas buyers snap up low priced property in Spain.
Spanish property searches on the rise
As well as a rise in the number of Spanish properties sold, the number of enquiries about buying a property in Spain is also on the increase. According to information from Primelocation International, searches for Spanish property now exceed those for French homes by 20 per cent.
In the last year, web searches for Spanish property have gone up 43 per cent, compared to a rise of just one per cent for French property.
Ann Wright, international development manager of Primelocation International, said: ââ¬ÅThere’s no single explanation for this trend – it’s a mixture of hard-headed commercial considerations as people see bargains in weaker housing markets like Spain and the US, as well as changes in fashion and perhaps the influence of politics too.ââ¬Â
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