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Transaction growth of 13.5% and 2.4% rise in prices in 2016
According to General Council of Notaries in Spain: “Property purchases recorded a growth of 13.5% to 460 000 units and a 2.4% rise in prices to a median price of € 1,309 per square meter”.
The number of mortgage loans granted showed throughout the year an expansion of 7.1% and the average amount thereof was € 163,253, representing an increase of 5.1%.
The percentage of purchases with mortgage financing increased to 44.5% and, in such cases, the percentage of housing financed via mortgage was 77.2%.
Foreigners take 17% of the market
The number of properties purchased was strong both by Spaniards and foreigners. As you see on our chart: properties purchased by foreigners represented 17% of all transactions.
Why foreigners love to buy a second home in Spain?
A few good reasons are: low real estate prices, low mortgage financing costs, strong economic growth in addition to the usual suspects: Sun, beaches,…
We produced a quick infographic on why you should buy a second home in Spain.
Do you want to know more about where foreigners are buying? Check our latest full report.
Please find the full press release here.