Top news of the Spanish real estate market in October

The demand for property in the Spanish real estate market remains relatively high no matter what season it is. This October was also full of different real estate events and news. Here are some examples of the most important news:

Spanish real estate increased in price by 4.9% in the third quarter of 2018. The highest increase was observed in Madrid (+15.6%), Pamplona (+14.2%) and Alicante (+13.2%).

• Sagrada Familia, the famous unfinished basilica, is paying €36 million to the city's authorities for over 130 years of building for free, without an official building permit.
• Via Celere experts state that 74% of Spanish residents have their own housing, while 21% rent. Most tenants are people aged 25-34 years old, 38% of private housing was built before 2000, 27% - before 2009, 35% - in the 2010s. As for types of private housing, 22% are private houses and 68% are apartments.
• Idealista revealed five types of property buyers in Spain. The largest groups are young married couples and families with children. They are followed by single residents aged up to 35 who are looking for own housing. On average, Spanish residents spend €350,000 to buy a property and 50-80% of this money is a mortgage. The next group is people looking for holiday housing and the last one is real estate investors.
• Profit ratio of Spanish real estate is growing. The profit ratio of commercial properties is 9.3%, offices - 8.4%, residential housing - 7.4%, and garages - 5.1%.
• The mortgage rate reached 2.59% in October. That is the lowest ever rate in Spain.
• The highest life expectancy in Europe is expected to be in Spain. Madrid, Navarra, Castilla, Rioja and Leon are in the list of the most long-lived regions with the expected age of 84 years.