Residential property sales in August this year were at their highest since 2007, the peak year of the housing market ‘boom’, according to the National Institute of Statistics (INE).
With nearly 50,000 homes shifted in just one month, the difference between August 2021 and the same month in 2020 was almost 60 percent.
Back in 2007, when home prices were at their highest in history and the buying and selling market was in constant activity – just before the ‘crash’ that came between 2008 and 2010 – a record 58,872 residential properties were bought in the month of August, a figure that has never been seen since.
Fast-forward 14 years, the largest volume of August home sales after the high of 2007 totals 49,884 – the most buoyant yet by a wide margin.
Only 2017, with 44,834, and 2010, with 43,610, came anywhere near the bumper August seen in 2021 – which was even more welcome for the residential property industry, as well as for sellers themselves, when taking into account a lean summer in 2020.
By August 2020, movement restrictions had been temporarily lifted and life and business were largely back to normal in Spain, albeit with masks and social distancing – but international travel was still difficult, if not impossible, meaning the usual summer interest for holiday homes among dwellers in colder climates was mostly missing.
It was not completely back to normal even by August 2021, since Spain’s key overseas holiday home-buying markets, such as the UK, France and Germany, still had limitations in place for most of the summer, including, in some cases, the obligation for residents returning from a trip to Spain to quarantine for between five and 14 days.
So a year-on-year hike of 17,292 extra sales was a huge achievement, and is likely to raise confidence in the industry as to what August 2022 might look like, with practically the whole of the western world vaccinated and Covid cases, or at least severe ones, hopefully being very rare.