The Spanish property market continues to show encouraging signs of a resurgence.
The figures for January 2017 recently released by the Instituto National de Estadística reports registrations of 157,456 properties.
This is an increase of 14.8% compared to January 2016. This is a significant rise and continues the trend from 2016 onwards.
The figures can be broken down by category as follows:
- Property sales 80,474
- Donations 4,674
- Swaps 447
- Inheritance 33,772
- Other 38,089
Other includes: land consolidation, repossessions, joint ventures etc..
The property sales figure is particularly strong for the month of January. Urban properties accounted for 85% of these transactions.
Of these, 82.2% were resale properties with new builds accounting for only 17.8%.
The highest number of total transfers were recorded in:
- Andalucia 24,130
- Cataluña 23,627
- Comunitat Valenciana 20,577
- Madrid 18,377
The number of property donations is an interest element. As bi-lingual solicitors, GB Abogados, have recently assisted a higher than normal number of clients with the donation of their properties in Spain.
A typical scenario would see parents donate the property to their children.
Most clients cite the uncertainty caused by the impending Brexit for being the main reason for their action.
It is unclear as to the level of inheritance tax that a UK national would be subjected to post-Brexit.
The cost of donation, taking into account current allowances, make the proposition a sensible idea for many people.