Laura Duckett
THE Spanish property industry appears to be flourishing again after years of crisis.
Profits tripled in the fourth sector in 2016 to a total of around €1.4 billion.
This is a drastic increase from last year’s profits of 407 million, and isn’t far behind 2007’s registered profit of €1.6 billion, signalling a return to the market seen in the country before the financial crisis.
Profits recorded come from sales both in the residential and in the office and retail sectors along with price increases and rental income.
House prices have increased by 11% from the lows registered in 2014, although they still offer a 30% reduction compared to the year before the real estate bubble burst.
“signalling a return to the market seen in the country before the financial crisis.”
Only 30-40% down. Hardly a return to the time before the financial crisis.