Spanish Property Boom
Spain is currently undergoing a booming property transformation, according to the latest data published by the country’s Ministry of Development. The organisation’s findings shows that between January and August 2017, the number of building licences given the go-ahead for the construction of new residential Spanish property increased by an impressive 25.9%, compared to the same time period in 2016. In other words, the first eight months of 2017 saw a huge 53,977 building permits approved across the nation.
Many have pointed out that Spain has experienced a similar rise in construction before, with 2006 seeing a total of 865,000 residential building permits issued. This was, however, followed by a rapid decline, running in parallel with the infamous property crash. Indeed, 2013’s permit figure was a mere 34,288.
However, by the end of 2014 the overall trend within the construction sector was one of growth and increased prosperity, as licence approvals saw an expansion of 1.7% compared to the previous year. This trend has proliferated ever since, according to Spain’s Ministry data, with recorded growth of 42.5% in 2015 and 28.9% in 2016.
What this means is that supply levels within the construction industry are starting to level out with demand, as new developments in the Costa del Sol and beyond prove to be attractive buying and investment opportunities for many. With a little luck, this trend will continue: the number surplus housing stock will continue falling and developments across Spain will continue to spring up.
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