Posted on 26 April 2017
At the start of the year we told every budding property buyer in Spain exactly what they wanted to hear, and for good reason: 2017 was shaping up to be a great time to finally buy that home in the sun. A combination of rising property prices, a recovering economy and low borrowing costs were allaying fears that the Brexit vote could jeopardise people’s dreams. So have conditions remained favourable for those of us considering buying a home in Spain now viewing trip season is almost upon us?
It’s around three years since the downward spiral in Spanish property sales slowly began to reverse, and there is no evidence that the market’s resilience is showing any sign of waning. A recent report by the country’s notaries revealed that during February the number of residential properties changing hands rose by 9.9%, compared to the same time last year. Not only have these figures been rising steadily since 2014, the latest reading was the eighth increase in a row.
This sustained recovery in the Spanish property market has largely been fuelled by sun seeking foreign buyers. Spain has incredible international appeal for vitamin D starved nationalities, with one in five sales going to foreigners. British buyers still represent around a fifth of all purchases in Spain, and although the drop in the pound has seen numbers dwindle slightly there is still strong demand from Blighty – particularly for higher priced properties, as London’s post-Brexit appeal dips. And with French, German and Scandinavian buyers also still heading to Spain, the nation’s property market is looking healthy.
Price rises are an inevitable conclusion of this consistent demand from overseas, which is already being seen in major cities and in some coastal areas. As was the case in February when, according to statistics compiled by the notaries, the average price per square metre of properties bought and sold was 2.5% higher than February 2016 – an upward trend that has seen this figure rise seven times in the last eight months.
Now is a great time to find the home of your dreams in Spain at a relatively low cost, before strong demand drives pries up further. You can do so knowing that it will grow in value as the Spanish property market continues its resurgence. All you have to do is sit back, relax and enjoy your new life in the sun.
For more about living in Spain, visit Spain Property Guides where you can download your FREE Spain Buying Guide