Spanish property 2017: Year in review, part II

The second half of 2017 brought good news after good news for Spain’s property market, and the country in general.

Welcome to part II of the VIVA Spanish property 2017 year in review. Now, where were we?

July: Foreign appetites rise
Foreign buyers have always played an important role in keeping Spain’s property market buoyant. Indeed, beyond the big cities and the tiny inland towns, much of the house-changing activity is carried out by non-Spaniards, such is the allure of a country dotted with beauty spots and ringed by a gorgeous shoreline…

So it was no surprise in July when real estate data showed that foreign investment in Spanish property had doubled in the space of one year, rising to account for 13.2% of all homes bought and sold in Spain in 2016 – the highest proportion for – yes, you guessed it again – a decade.

August: Costa del Sol shines
As August brought the crowds, the sustained heat and the tourist billions, the month was crowned by news that property sales in the Málaga province had rise some 10.9% for the first six months of the year when compared to the same period in 2016. In real terms this put the province fourth nationally for the number of transactions recorded, and served to underline not only the region’s strength and appeal, but also the impressive way that it had bounced back from the darker post-recession times.

September: Quality of life
Not only is Spain the world’s most popular tourist destination, home to some of the planet’s healthiest and longest-living people, and also a leading property investment destination but – according to an InterNations survey conducted in September – the country also offers expats the third-best quality of life around the globe. Some 12,500 expats were polled from hundreds of countries and the result showed that Spain scored extremely highly on climate, cultural attractions, excellent leisure options and high levels of personal happiness, making it one of the very best places in the world to emigrate or retire to.

October: Best summer ever?
That was the question posed towards the end of October on these very pages. We knew the answer, of course – a resounding yes. And here’s why: summer 2017 was a record-breaker for the Costa del Sol’s tourism industry, with a 5.2% increase in visitor numbers on 2016. These seven million-plus tourists spend more than €7.15 billion in the region over the summer period, with overnight stays also up by 2.36%. Oh, and the weather was also unstintingly glorious throughout. What more proof do you need?

November: Economic miracle
Perhaps miracle is too strong a word, but for so long it appeared that Spain would never quite be able to pull itself free from the financial mire it found itself in between 2008 and 2013. Those five long years saw record levels of unemployment, mass outward migration of the nation’s best and brightest, and a stripping of cash, confidence and activity in all of Spain’s leading industries. But in November the Financial Times cast its expert eye over the nation and declared rude health in all of the sectors that count – a pleasing ‘end of year report’ for a country that had endured a rough patch.

December: A new image?
As the year drew to a close, VIVA assessed a series of trends evident in Spain over 2017 and deduced that the country – whether consciously or unconsciously – was slowly but surely updating its image. Yes, Spain remains the cheap and cheerful summer destination for package holidaymakers, but whether it is the growth of its fine wine industry, the rise in inland tourism or the erosion of its old-fashioned image as a poor, workshy land, there was no doubt that Spain gave people more reasons than ever to pause for thought and re-evaluate their image of the country.

That was 2017, and we look forward to reporting more of the same once again in 2018. Thanks for reading and from all at VIVA, we wish you a Happy New Year!