Of the total number of transactions in 2016, 72% of houses sold were below 150,000 euros, thus stabilising the average price per square metre at 1,497 euros. “The peripheral markets, due to the saturation of investment in the centres of large cities, are experiencing a larger number of deals motivated by prices which are more in line with the buying power of Spanish families, as too the rise in the number of mortgages at low interest rates, according to that predicted by the Bank of Spain”, explains Ricardo Sousa, CEO of Century21 for Spain and Portugal.
The Community of Valencia and Cataluña and the Community of Madrid are areas where house prices have most increased and have experienced a rise in yearly prices of 10%, 7.3 % and 7.2 % respectively, while Andalucía, Cantabría and Galicia are the communities which recorded the smallest price variations. “A tendency which will continue in the next few months as these zones arouse much interest from both national and foreign buyers, thanks to their excellent communications, as well as the great entertainment culture on offer. If so, in the markets of Madrid and Barcelona, the portfolio of available houses for sale will be less and less”, Sousa states.
“While “50% of people are first-time buyers and 30% are buyers whose needs have changed and who seek more suitable housing”., from these figures we can deduce that young families and empowered young people with work stability will be the principal potential” Sousa continued.
Eight out of ten Spaniards live in their own property, whilst two in every ten rent, although this proportion varies greatly between zones.
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