Spanish real estate market sees strong start to the year in latest notary data

The year has started with a heavy dose of positivity in the Spanish real estate industry. According to official data from Spain's notaries - Consejo General del Notariado -  January 2024 vs 2023:

🔸 Property Sales were up 7.3%
🔸 Property Prices were up 4.2%
🔸 Mortgages Issued were up 7.6%

Spain saw a 7.3% year-on-year increase in residential property sales this January. These official figures also reveal that during this period, both property prices and mortgage loans approvals also experienced growth of 4.2% and 7.6% respectively.

Across Spain, home sales increased in fourteen Autonomous Communities while declining in the remaining three. Notable increases were observed in Cantabria (37.9%) and Galicia (23.2%), whereas the Canary Islands experienced a notable decrease (-5.0%).

The price per square metre rose by 4.2% year-on-year. Significant increases were recorded in the Balearic Islands (18.4%) and Galicia (15.3%), while La Rioja saw a substantial decrease (-25.1%).

Mortgage loan approvals for home purchases increased by 7.6% year-on-year. Thirteen Autonomous Communities experienced growth, led by Cantabria (44.8%), Galicia (23.5%), and Castilla-La Mancha (17.4%), while La Rioja (15.0%) saw the most significant decline among the four regions with decreasing figures.

New Supreme Court ruling shakes up Spanish holiday rental market: what buyers need to know 

There have been some recent changes that will affect holiday rentals in Spain... A recent judgement from Spain´s Supreme Court states that holiday rentals should be considered an economic activity. So what does this mean and why does it matter? According to Peter Franke, managing partner of Marbella-based law firm Franke & De La Fuente Abogados:

“This means that the community of owners now have the right, by a majority vote, or whatever vote that's needed to prohibit short-term rentals within the community. And that's a change from before.”

What does this mean for buyers? Peter says that it's going to be even more important to carry out proper research before buying a property in an urbanisation that has a community of owners to find out if they have implemented such a change.

Spanish Real Estate Consultant Alfredo Bloy-Dawson says “in light of possible restrictions to short term rentals people who are considering buying and renting out their Spanish properties should move fast and apply for the touristic licenses while they can.” He continues “it’s unlikely existing licences will be revoked once granted, something which could also add value to the property in the future." 

Interest rates see marginal increase 

Interest rates saw a marginal increase on the Euribor this month. Marc Elliott, owner of Fluent Finance Abroad, described the situation as "steady as she goes," indicating that central banks are unlikely to cut rates for another few months. Euribor serves as a key reference for setting interest rates on various loans within the European Union interbank market.

Sunshine express: Proposed railway to revolutionise travel along Spain's Costa del Sol

Exciting plans for a new railway route along Spain's Costa del Sol have been proposed, aiming to speed up the connection between Málaga and Marbella. Currently, travellers often rely on rideshares for transportation between the major resorts, which can be inconvenient and environmentally unfriendly. At the moment, the rail line from Malaga stops at Fuengirola; the only way of reaching other popular coastal resorts, such as Mijas Costa and Marbella, is by road. The proposed extension could reduce travel time to just 45 minutes, making exploration of the sun-soaked southern coast much easier. In addition to benefiting tourists, the railway aims to address housing issues, promote social integration, and improve livability for locals. This initiative, should it be approved, aligns with Europe's trend towards expanding and enhancing its railway services.

Marbella tops the list of 2024’s best European travel destinations 

More than a million travellers voted and the results are in! Marbella is officially the best destination in Europe for a holiday. Best European Destinations, a trusted authority since 2009, reveals Marbella's debut at the top spot. Travellers particularly love the extensive golf and gourmet offering, and of course those fabulous Costa del Sol beaches. This accolade will likely resonate strongly with property investors, further elevating Marbella as a prime investment destination. 

Lonely Planet announces the world’s best beaches for 2024 - and five of them are in Spain! 

Lonely Planet have sent their travel researchers around the world for a new book that lists the best beaches on the planet for 2024. And it should come as no surprise, given its 3,000+ miles of stunning coastline, that five Spanish beaches have made the cut. Here they are:

Cala Estreta, Costa Brava, Catalonia, Spain
Punta Paloma, Tarifa, Cádiz, Spain (pictured above)
Playa de Torimbia, Llanes, Asturias, Spain
Platja Illetes, Formentera, Balearic Islands, Spain
Playa de Famara, Lanzarote, Canary Islands, Spain

Not to be outdone... here are Trip Advisor’s top beaches in Spain in 2024

And it's not just Lonely Planet who are telling us where to find Spain's best beaches; TripAdvisor have recently released their list of top beaches in the world, and Spain's La Concha Beach in San Sebastian (pictured above) is listed at number three. Based on an analysis of all the reviews left on Tripadvisor for beaches globally over one year, the award reveals the beaches that were the highest rated by travellers who visited. Playa de Las Canteras Gran Canaria, Spain made it to number 16, of 25 total listings.