Posted on 28 December 2016
The New Year is a time for optimism and starting afresh, as many of us compile a list of what we hope will be achievable resolutions. If being bold and finally purchasing that property in the Spanish sun – the one you’ve talked about for so long – is top of your list, then 2017 could be a great year to do so.
Having made the life changing decision to buy your own piece of the Spanish dream, you’d be forgiven if visions of relaxing on the beach or sipping sangria by the pool are dominating your thoughts right now. But buying a property overseas is a huge financial undertaking and should be viewed as a long-term investment. With this in mind ask yourself, how much will this villa or apartment be worth in the future? After all you don’t want your dream home to turn into a financial burden.
Thankfully, after almost seven years of falling prices in the wake of the global financial crisis, Spain’s housing market is staging a recovery. In recent months house prices have risen by 2.22 percent across the country as a whole – a trend that is predicted to continue thanks to a growing economy. Even more encouraging are the stats emanating from regions traditionally popular with British buyers: Andalucía, the Canary Islands and most notably Cataluña have seen prices rise well above the national average.
So if you fancy yourself as a budding property mogul, you should extend your search to these potentially lucrative areas. The ancient city of Malaga on the coast of Andalucía, for example, with its Picasso Museum and terrific restaurant scene, has long been a popular destination with British expats; the Canary Islands’ location, climate and natural attractions make them a popular holiday home location, where people go to indulge in winter sun; and as the capital of Spain’s fiercely proud Cataluña region, Barcelona offers a unique blend of city and beach life, as well as convenient access to some of Spain’s top ski resorts.
Being efficient and planning ahead is essential when embarking on your overseas property journey. If you’re shrewd about your purchase you may even be able to use the proceeds that have swelled your coffers to upgrade your living arrangements. But let’s not lose sight of your original motivations for choosing to buy overseas. It’s no coincidence that Spain is one of the most popular destination for Brits to purchase property. Choosing to own a home in this fabulous country opens the door to a number of exciting opportunities, depending on your circumstances. Perhaps you want to relocate permanently and while away your days in relaxed, sun-drenched surroundings. Or maybe you have your eye on a bolt hole you can escape to once the long, dark British winter sets in, and rent out when you’re back in Blighty.
Investing in bricks and mortar is generally considered a safe bet. And thanks to the resurgence of the Spanish property market in recent months, now could be a particularly good time to do just that in Spain. Plus you’ll be able to spend as much time as you choose there, living the good life. It’s a win win situation! For a new, updated guide to buying a home in Spain, click here.