22 Sep, 2021 @ 19:43
1 min read

Spain property sales boom to levels not seen since before bubble burst in 2008

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

SPAIN registered the highest number of house sales in over 13 years for the month of July, according to data published on Wednesday.

More than 50,200 homes were sold in July, 53% more than in the same month in 2020, according to the latest stats from the National Statistics Institute.

Experts believe the boom is partly down to pent-up pandemic demand after almost a year of slow sales because of economic uncertainty and mobility restrictions.

But the pandemic also led to increased household savings by many as well as opportunity to rethink living priorities.

The July sale figures were 4% above pre-pandemic levels and close to matching the record sales seen during the peak of the real-estate boom when in April 2008, 55,000 houses were sold.

Later that year, after a decade long housing boom, Spain’s construction bubble spectacularly burst plunging the nation into deep recession when unemployment soared above 23%.

This time round sales are driven by those wanting more outdoor space and shifts from urban centres to suburban zones as working from home becomes more popular.


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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