Latest Kyero.com data reveals soaring confidence in Spanish property market
- 3% of Spanish estate agents report increasing confidence
- 1% indicate an increase in sales
- Just 3.4% report falling foreign buyer numbers
The latest Agent Confidence Survey from Spanish property portal Kyero.com has revealed soaring confidence in the Spanish property market. Of the 408 Spanish-speaking and English-speaking agents interviewed by the portal, 74.3% reported feeling more confident now that they did this time last year. A further 22.1% reported feeling the same level of confidence.
At the same time, a high volume of agents also reported a rise in sales over the past year, with 58.1% reporting an increase and a further 36.0% reporting the same level of sales as this time last year.
The Agent Confidence Survey from Kyero.com, which lists more than 200,000 homes from 3,000 estate agents, is one of the most important indicators of market sentiment across Spain. Director Martin Dell comments on the figures,
“It is fantastic to see how resoundingly confidence has surged back into the Spanish property market over the past 12 months. Across the board we are seeing indicators that the market’s recovery is very much on course and the Agent Confidence Survey has shown that the majority of agents have faith in the direction that things are headed.”
Official figures from the Ministry of Development show that property transactions in Spain were up 22.11% in Q2 2015 on the previous quarter and up 13.91% annually. Prices have also risen, according to the General Council of Spanish Notaries, with the data showing annual increase of 4.01% to Q2 2015.
International buyers have played an important role in the market’s recovery, accounting for between 15% and 20% of the total number of property transactions conducted since the start of 2013. Their relevance has not gone unnoticed by agents, many of who have specifically sought to court foreign nationals as part of their sales strategy over the past year.
“Overseas buyers remain a core component of the Spanish real estate sector’s recovery,” continues Kyero.com’s Martin Dell. “We saw an initial surge in foreign buyers looking to pick up properties at rock bottom prices. Now, it’s more about buyers who are attracted to the increased stability of the Spanish market once more, though of course great prices also remain a key draw. It’s a customer group that’s going to remain important to Spanish real estate agents well into 2016 and beyond.”
A quick search on Kyero.com reveals just how low prices still are across Spain. The portal lists well over 5,000 properties available for less than €50,000, including country houses and apartments with shared pools. Compared with prices in the UK, where the average home costs £186,553 according to the Land Registry House Price Index, property in Spain offers an incredibly affordable way to own a second home in the sunshine.
The Agent Confidence Survey reinforces the importance of foreign buyers, with some 63.2% of agents reporting an increase in the number of foreign buyers compared with this time last year. Only 3.4% of agents reported a drop in foreign buyer numbers.
For further details on properties to rent and buy across Spain, visit www.kyero.com. For the latest data on the state of the Spanish property market, visit https://data.kyero.com.