Spain Property Reclaims Its Worldwide Position
Do you have a property for sale in Spain? You should know that the Spanish property market has rarely been as buoyant as it is today. There is a huge demand for holiday homes in Spain from foreign investors, and the country has once again established itself as the preeminent player in the overseas property market.
How do we know that? Consider this – 1 million British expats live in Spain, the most in any country in Europe outside of the UK. Britons are the biggest buyers in the overseas property market, and they are still buying property in Spain, despite Brexit.
For sure, the British interest in Spain has gone down a bit following the Brexit vote from just over a year ago, but nothing much has really changed. The British expats are not going anywhere and they continue to be heavily involved in the market for Spanish holiday homes.
In a recent survey of real estate agents from across the world, it was found that most of the enquiries made by investors related to Spain. Almost every rich overseas investor wants to buy property in Spain, with US coming close behind.
In most overseas property portals, including many of ours, Spanish regions account for a majority of the searches. The data from the Spanish Registrars’ latest annual report also indicates that the Spanish real estate market is headed for a massive leap in 2017 and into the immediate future.
The data shows that foreigners accounted for 13.25 percent of the property purchases in Spain in the first quarter of 2017. Spain has been doing so well that the naysayers who said that Brexit would prove to be a massive negative for the Spanish housing market have been proven wrong.
Spain’s National Statistics Institute (INE) shows an increase in year on year interest for the month of April 2017 of 32 percent over the same period in 2016. This is massive.
Spain is being helped by a number of factors such as rising prices, low interest rates and a stable government in the centre, after a long, long time.
As Alexander Vaughan of Lucas Fox International Properties says 2017 could well prove to be the turning point for the property market in Spain.
Mr. Vaughan says, “We believe that this year has been a key turning point for the Spanish property market. After property prices bottomed out midway through 2014, 2015 saw modest price rises in prime regions. The recovery phase has continued throughout 2016, with the main difference being that price increases have not been limited to Barcelona, Madrid and desirable second home destinations.”
Investors more than anything detest unpredictability in the political or economic situation of a country. The stability in Spanish politics has certainly helped attract many new investors into the market.
What’s more, while countries like Italy have been floundering, the Spanish economy has been doing very well, going from strength to strength. Spain has emerged as the fastest growing economy in the Eurozone, with its GDP growing at 3.2 percent. All of these factors indicate bright prospects for the Spanish property market, going ahead.