There was more good news for the Spanish property market this week with the latest data from the Property Registrar’s Association showing that prices increased by 2.65% in the first quarter of 2015.
The PRA data also shows that residential home sales increased 9.05% to 90,534 transactions compared to the same period in 2014. The rise in sales was largely due to robust growth in the resale market, with 67,864 transactions.
Quarter on quarter the price for resale sale properties increased by 1.88% but since the peak of the market property prices are still down 31%, according to the registrars’ data.
‘The quarterly figures are the highest in the last eight quarters, showing a clear change of tendency in the market that began in previous quarters,’ the PRA report said. It also pointed out that it is the second highest quarter for sales in the three years and the third highest in the last four years.
The favourable exchange rate means that in middle of May 2015 a €100,000 property in the Costa Blanca costs a UK buyer approximately £10,000 less than it did the same time in 2014. For expats receiving an income or pension from the UK, a stronger Pound increases their spending power in euros.