The demand for Spanish property within the Costa del Sol, Costa Blanca and Murcia is still high and continues to outstrip supply, despite many economic changes in the last few years. In Spain, we have seen the market continue to thrive and more UK buyers are choosing Spain as their chosen destination. We’ve pulled together a few key statistics which may help shine a light on why 2018 should be your year to purchase a Spanish property.
What are you waiting for?
Spanish property market update
During 2017, more than 460,000 Spanish property sales were registered in Spain with foreign nationals accounting for 13% of these sales and the British were by far the biggest buyers in this group. These figures were the highest since 2008 and help to show that buyers from the UK are not letting concerns with the weak £ Sterling or Brexit stop them from purchasing in Spain.
Already in 2018, we have seen an increase in property sales figures compared to last year and with the supply of good quality properties in desirable coastal areas, the demand is strong again. On a monthly focus, in February 2018, Spanish property sales were up by 18% compared to the same period last year. This is the biggest increase for more than 10 years, so now really is the time to buy!
New build property sales have increased by double digits almost every month for the last year and is driven by the strong demand for good value, top quality new homes in Spain. New build properties offer a 10 year architect warranty to buyers and come key ready with the latest, energy saving technologies and design. View more about new build properties here >
Property prices are on the up!
The demand in Spain is still strong and property prices are up as a result. Jose Antonio Perez, the CEO of the prestigious ‘Instituto de Practica Empresarial’, a Spanish business school specialising in the Real Estate sector with more than 10,000 students, and his team anticipates Spanish property prices will increase by 6.7% conservatively in 2018. In more desirable areas, he also states this will increase substantially more due to sheer supply & demand.
Spain’s economic state
The International Monetary Fund has raised Spain’s 2018 economic growth forecast to 2.08% which gives Spain the strongest economic growth in the Eurozone.
Tourism in Spain is breaking all previous records including a continued rise of international visitors to Spain with 2017 experiencing 5.1% more visitors than 2016.
In the desirable areas of the Costa’s, the property rental ‘asking prices’ are up over 20% on last year. If you are considering buying a home using additional funding from UK sources or with record low Spanish mortgages, buying a home in Spain truly is a very usable asset and long term investment. Read more about using finance to purchase a Spanish property >
What are the next steps?
We are respectfully advising clients who are seriously considering purchasing a home in Spain to act sooner rather than later to financially benefit. Whether you are purchasing a home for holidays, for investment or permanent residence, you can take advantage of the low cost borrowing rates & higher rental returns if you act fast.
How can Spanish Legal Homes help?
During the summer of 2018, we are increasing availability on our ever popular 3-4 day relaxed and informative Viewing Trips. The £99 per person trips are conducted on a one-to-one basis with one of our property experts; they will show you 8-10 different properties a day within your chosen locations and preferred budget range.
We started our trips in 1985 to enable genuine buyers a platform to buy a property in Spain, which includes all the help and legal support of a large established real estate agent. Think of it as your very own ‘A Place In The Sun’ episode!
What to know more? Get in touch with our friendly team on 01202 971614 or email email@example.com.