Spanish bank BBVA has released its latest Real Estate Flash report which makes predictions on how the Spanish property sector will evolve throughout 2015. The bank sees positive signs for the year ahead, and forecasts that sales will continue to rise and that we will also see small increases in prices and construction activity.
The report states that 2014 can be marked as the year in which Spanish real estate began to recover from the crisis. The bank highlights Notary statistics which showed a 19.1% increase in sales for 2014 as well as data from the Ministry of Public Works which recorded prices as having risen by 0.5% last year.
BBVA Research predicts that Spanish GDP will rise by 2.7% in 2015, that the year will see the creation of one million new jobs and that interest rates will remain stable. These economic conditions will favour the purchase of property and should mean that we see a rise in purchases made by Spanish nationals.
BBVA joins another Spanish bank, Bankinter, in forecasting a positive 2015 for Spanish property and it seems that the overwhelming feeling in the sector is now one of optimism. Therefore, it will be interesting to see how the market evolves over the coming months and gauge just how strong the rebound will be.