As we say goodbye to 2017, for the housing market this means saying goodbye to a period defined by consolidation in the sector and the attainment of promising figures for the new year. This is why today we are reviewing the dominant key aspects that have made housing and the recovery in that market front-page news on a regular basis.
As from the start of the recovery in the housing market, over a year ago now, Spain has been the leading country in southern Europe along this upward path. One of the main reasons has been foreign investment, which, according to the international consultant Savills, has reached a figure of 8,900 million euros, a year-on-year increase of 5%.
According to the latest reports by the Spanish Statistical Institute, the number of houses being bought in our country has gone up by over 25% in one year, with the total number of transactions exceeding 450,000.
In recent years, there is no doubt that low borrowing costs have been one of the advantages of buying a new-build home, and it should be borne in mind that this could change in 2018 because of reforms to mortgage legislation, in which banks would have to shoulder some of the procedural costs.
When it comes to acquiring a house, future buyers are no longer willing to ‘make do’ with the existing offer because they are clear about what they want and are well-informed, with both the quality and once again the location of the house being scrutinized and becoming a determining factor. The latter is an important condition in making the decision to buy, with the search for greater comfort and quality of life, which has led to the rise of residential areas.
For the real-estate developer, 2017 has seen many landmarks: new developments such as the recent Isla de Tambo in Madrid, or its ‘arrival’ in the north of the country with its first project in Oleiros (Galicia) with Isla de Santa Cruz. Meanwhile we would also highlight the signing of the agreement with the American investment fund Morgan Stanley, our expanded offices and increased personnel, all of which being a sure sign of our strategic growth plan.
At the company, we end the year positively and with the forecast that we will develop around 2,600 homes in the coming years.
Thank you all for your confidence, and let’s look forward to a year full of successes!