Spanish construction sector leads europe

Photo: Aparejador

Spain housing boom was swiftly turned to financial bust when the property crisis struck following years of soaring construction. The sudden downturn left the country's economy reeling and thousands of homes empty - or unfinished.

Now, though, Spain has officially put its economic troubles behind it and is now leading Europe in the building race. Figures from EU statistics office Eurostat show that the Spanish construction sector has registered a year-on-year increase of 42.4 per cent for May 2014 - the highest of any country in Europe.

Indeed, the EU average for construction is a rise of just 3.2 per cent, according to Eurostat.
 
Spain's building boom is set against a backdrop of strong performance from Spain's housing market, with data from the General Council of Notaries showing a 16.3 per cent increase in home sales in June 2014 compared with the same month a year earlier. Apartment sales have grown by a healthy 11.6 per cent, while family home sales have shot up by 37.9 per cent, according to Diario Sur.
 
Much of the activity has been focused on Spain's delightful Costa Blanca area. Leading Spanish homebuilder Taylor Wimpey España has found that British and Russian buyers, along with domestic purchasers, are leading the market's revival. Marc Pritchard, the company's Sales and Marketing Director, comments: "Real estate transactions by British buyers have increased more than 20 per cent according to the British Embassy in Spain and certainly here at Taylor Wimpey España we've noticed an upsurge in purchasers from the UK. We've also had a high level of interest from Russian buyers, with Spain's golden visa capturing the attention of many wealthier individuals from outside of the EU.
 
"The market right now is being buoyed up by second home buyers who want a holiday home in the sunshine that they can one day retire to. It's not about investment and flipping properties any more - it's a lifestyle market nowadays."