Spanish Property: Sales Rising, Prices Falling

Despite rising sales taking place in the troubled rental housing market in Spain, prices are continuing to fall, new data has demonstrated.

The National Statistics Institute has revealed the latest sales figures for the country, with an increase of 18.7 per cent taking place in February compared to the previous month.

This rise demonstrates the largest growth in sales that the index has witnessed since records began in 2007.

However, despite the renewed interest in the real estate market, Tinsa, which measures house prices in the country, has reported that there has been a 5.3 per cent drop in the cost of property over the last 12 months.

The news may interest individuals looking to purchase property in Spain who may wish to invest while prices are still at a comparative low.

Among the hardest hit regions in Spain were properties on the Mediterranean coast, which experienced price falls of 7.8 per cent year-on-year.

According to Overseas Property Professional, agents and developers in Spain recently announced that they had experienced an increase in the number of properties being sold to overseas buyers in coastal areas.

Potential investors in the region may be interested in news that the Association of Independent Tour Operators believes Spain will be a tourism hotspot this summer.

From: Property Showrooms