Spain’s Property Market Doing Much Better than Expected in 2017
Do you have a property for sale in Spain? The data for the property market in Spain this 2017 is very good indeed, if you were to go by the stats put out by Jones Lang LaSalle (JLL) and the National Statistics Institute (INE). Foreign investment is at a high, having reached €888 million in just the first six months of 2017.
The comparable figure during the same time last year was €330 million. Foreign investors are expected to buy properties worth €2 billion or more in Spain this year. That is good news, indeed, if you have a house, villa or apartment for sale in Spain.
What adds to the general air of positivity are the tourism numbers. 36.3 million foreign tourists visited Spain in the first half of 2017. This means we could well see over 80 million tourists visiting Spain this year, which is a massive figure – much higher than the figure for 2016, 72 million.
Another interesting fact – 8.5% of the tourists that visited Spain stayed in their own holiday homes, or properties they purchased in Spain with the explicit purpose of being able to spend their holidays here, for a couple of months every year.
Hence, there is a huge demand for house, apartment or villa for sale in Spain, as there is a lot of potential for an excellent rental income to be made, especially during the peak tourist seasons.
As a prominent real estate expert in Spain, Marc Pritchard of Taylor Wimpey España, says, “A decade on from the crisis and Spain’s property market is not only back on its feet but thriving. The appeals of owning a second property in Spain, be it to enjoy holidays with friends and family or to relocate to has endured and I have no doubt that the country will welcome another record year of international investment.”
What’s propelling the Spanish property market forward is cheap credit, low interest rate and an economic recovery across Europe. A prominent mortgage broker, Daniel Howarth of Enness International, says: “Following a significant period of uncertainty in the Spanish property market, we are now seeing growth, with both property prices and demand increasing.”
“As well as a growing demand for property, we are also seeing an improved appetite from banks to lend in the region, thanks to sustained growth in property prices in prime investment regions such as Madrid, Barcelona, Marbella and the Balearics. This, coupled with a healthy yield and increasing ‘occupier demand’, is enticing offshore banks to invest in lending platforms to accommodate existing and prospective clients looking to buy there,” Mr. Howarth adds.
Indeed, the property market in Spain looks just as attractive to banks as that in more conservative countries such as France and Germany. Banks are more willing than before to lend to property investors in Spain. There is a general sense of positivity about the Spanish property market, which is hard to miss, whether you are looking to buy or sell a house in Spain.