Posted on 01 March 2017
If you’re looking to buy a home in Spain – whether to reside in permanently or use as a holiday home – the sun, sea and sand aren’t the only reasons to finally make your dream a reality. According to British-based relocation service Movehub, Spain is officially the best place to buy a house in Europe.
Number 1 in Europe
Spain achieved this exalted status after Movehub compared property prices with salaries in 2016 to determine the best countries for first-time buyers to get a foot on the property ladder. Of the 33 countries analysed, the United Arab Emirates was top of the props thanks to a near 8% drop in property prices last year. Hot on its heels was Spain, where the price of property dipped slightly across the board – but remained strong in areas popular with British buyers – while salaries increased by 2.2%.
If you’re ready to take advantage of Spain’s favourable property market, discover how to buy in Spain by downloading a FREE guide from the Spain property guide.
But what about British buyers who aren’t cashing in on a favourable Spanish salary? You’ll be pleased to hear that the numbers are even more appealing, after UK salaries rose by 3% last year. This perfect concoction of affordability and purchasing power has made Spain an increasingly desirable place to buy your very own piece of paradise. Particularly if the sluggish property market back home is preventing you from getting on that first rung.
What does the future hold?
So what’s the long-term outlook for overseas property buyers in Spain now that 2017 is in full swing? In a word: encouraging! The nation’s property market is in the early stages of a welcome recovery, after a grinding eight-year slump in the aftermath of the global financial crisis. It should be noted, however, that some hotspots like Barcelona, Madrid and Ibiza have recovered at a rapid rate, creating microclimates where bargain properties are a rarity.
We had to wait until 2014 for property prices to bottom out in the Spanish property market, triggering modest price rises in prime regions in 2015. This recovery phase gained momentum last year, resulting in price rises trickling beyond major cities and popular second home destinations. A trend that is expected to continue thanks to a growing economy, low financing costs, good potential for rental returns and capital appreciation.
There are even positives to be taken out of the 2008 crisis. Keen to avoid the mistakes of the past, there has been a noticeable improvement in the standard of professionalism in the sector and the quality of new development, the volume of which is on the up. Yet more evidence that Spain is the best place to buy a home in Europe.
For more about living in Spain, visit Spain Property Guides where you can download your FREE Spain Buying Guide here!