Boosted by strong economic growth, close to 465,000 property sales or purchases were recorded in 2017, “the highest annual figure since 2008,” a report by Spain’s national property register showed.
But they are still 21 percent lower than 2007 at the height of the real-estate bubble.
Strong economic growth — 3.1 percent in 2017 — has boosted the recovery of the housing market.
The company, which specialises in the high-end market, has announced a 92 percent jump in the number of sales transactions and a 311 percent increase in sales value in the Spanish capital during 2017.
Moreover, the average price of a property sold by Lucas Fox Madrid was €1.4 million, more than double that of the average sales price in 2016.
According to the Spanish property portal Idealista, prices in Madrid grew by 12 percent in 2017.
Prices in the city centre increased by 22 percent whilst in the desirable districts of Chamberí and Salamanca, prices increased by 19% during 2017.
“Madrid is where it’s at right now. The buzz around the city in the last 12 months is palpable.” explains Lucas Fox Director of Operations Rod Jamieson.
“Each week we are seeing exciting new constructions pop up across the city, whether it be an edgy real estate project or a state-of-the-art food mall, Madrid seems to have its finger on the pulse. The city generates almost 20 percent of the country’s GDP – this impressive growth rate coupled with its competitive tax rates has made the Spanish capital an extremely attractive destination for property investors looking for new opportunities, particularly in districts which had stagnated in the crisis and are now regenerating.”