Banco de Espana director of studies José Luis Malo de Molina has said: “The adjustment of the real estate sector is, in principle, complete”, effectively announcing the end of the property crisis which has dogged the country’s property market since 2008.
While some industry figures may not be in complete agreement with the director’s assertion, there are a number of signs that the landscape is changing. Spain’s GDP has grown for seven consecutive quarters, the latest rise exceeding expectations at 0.9% in Q1 2015, according to the National Institute of Statistics (INE).
Figures from the Sociedad de Tasación Residential Real Estate Trends Report for Q2 2015 show that property values are also on the increase, up by 3.3% in the last year.
However, there are regional variations: Knight Frank’s Marbella Real Estate Market Insight 2015 Report reveals an 89% increase in sales in Marbella between 2008 and 2014.