22 Aug, 2021 @ 13:27
1 min read

Spain’s property sales post-pandemic reach boom peak of 2007

Property in real estate window. Cordon Press
Property in real estate window. Cordon Press Proximity retail trade opens its doors in Phase Zero of a "New Normality" regulated by the Government of Spain to de-escalate confinement. (Photo by Paco Freire / SOPA Images/Sipa USA) *** Local Caption *** 29830536

PROPERTY sales across Spain have surged to levels not reached since before the crisis – and we are not talking about the pandemic but since the nation’s construction bubble burst back in 2008 with the onset of the global financial crisis.

With 64,877 homes sold across the whole of Spain in June, according to latest data from the Association of Spanish Notaries, this marks a growth of 70% compared to the same month a year earlier.

This may not seem surprising considering June, 2020, was the month Spain came out of its first Covid-19 lockdown and was a time when many were in the grip of economic uncertainty.

However, the recovery is such that sales in June marked the first time the market has risen above 60,000 sales per month since 2007.

A comparison with pre-pandemic years shows sales were also 41% higher than 2019, and 13% higher than 2018.

Expert Mark Stucklin of Spanish Property Insight described the sales recovery as ‘spectacular’ and shows that ‘buyers now appear to be brimming with confidence’.

“Overall the latest sales figures from the notaries, based on sales witnessed by them in the month of June, suggest the Spanish property market is doing much better than expected whilst foreign buyers are still being kept away in large numbers by the ongoing restrictions related to the coronavirus pandemic.”

The market was fuelled by sales in those regions typically attractive to foreign buyers – along the Mediterranean coast and the islands.

Sales were up year on year by over 100% in both the Valencia region and the Canary Islands, and by over 75% in the Balearics, Catalonia and Andalucia, followed by Murcia and Madrid where sales were up by around 62 percent.

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Fiona Govan

Fiona Govan joined The Olive Press in March 2021. She moved to Spain in 2006 to be The Daily Telegraph’s Madrid correspondent and then worked for six years as Editor of The Local Spain. She lives in Madrid’s Malasaña district with her dog Rufus.

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