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14/12/2010 - Spanish property sales continue to grow  14/12/2010 - Spanish property sales continue to grow

14/12/2010 - Spanish property sales continue to grow

The latest figures released by the Spanish property registry have revealed that residential sales in Spain increased by thirteen percent in the third quarter of this year compared with the same period in 2009.

The number of residential property transactions in Spain for Q3 was 124,593. Resale and new build property sales also increased year on year, registering nine and seventeen percent rises respectively.

"On a rolling 12-month basis, there were 454,283 sales over 12 months to the end of Q3, up an annualised four per cent and a quarterly three per cent. Even if a percentage of these sales were banks swapping debt for property, I think the market has found its floor at around 400,000 transactions per year," said Mark Stucklin, author of the Spanish Property Doctor column in the Sunday Times.

Rebecca Smith, sales director at Ocean Villas Group, commented; "Prices are now at their lowest since 2005 and it seems unlikely that they will fall further. In key areas such as Malaga and Mallorca, a lack of new building over the last few years, has led to a shortage of good quality property and prices in these areas have started to rise."

“Savvy investors who buy now, at the bottom of the market, should see excellent capital gains over the next few years.” she added.

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