The number of licences for new homes grew considerably in February thanks to the continued recovery within the Spanish property market.
During the month, a total of 8,305 permits were granted, representing a 26.9% rise on the number of permits issued during February last year, according to the Ministry of Development.
There were 14.7% more licences granted in the first two months of 2018, compared with the same period last year and year-on-year figures have now risen in each of the last 14 months, reports Murcia Today newspaper.
The secondhand property market has thus far been the main driving force behind the Spanish property market recovery; after the property crash, a substantial amount of secondhand properties were left unsold. As prices fell and the economy started to recover investors and buyers took advantage by snapping up properties well below their market value – leading to a vast reduction in secondhand housing stock and kick starting the housing recovery.
Now that the secondhand housing market has leveled out, developers have returned to prime locations on the Costa del Sol such as Marbella, Estepona and Mijas Costa. Many off-plan building projects are currently underway and developers are offering special discounts and offers on newly released properties in an attempt to attract buyers. There is no doubt that demand for new residential housing has skyrocketed; the 12 monthly running total of licences for new residential building projects now stands at 83,000, 25.4% higher than a year ago.
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