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Let’s start with some really good news for property owners on the Costa del Sol. It’s official (according to the Ministry of Development anyway) the real estate crash is now over, and after six painful years, the second quarter of 2015 saw property prices increase by over 1%.
As those of you who bought at the top of the market will know, there’s still a lot of recovering to be done, with prices still over 30% below the peak, however the trend is now going in the right direction! Also there’s more good news, which is that 2014 and 2015 were bumper years for tourism, with this year breaking all records, so if you have been hanging onto your property waiting for the price increases, you have an excellent opportunity to rent out your property and make money while you wait.
It is the foreign buyers who are fuelling the growth in property prices and are also your best bet if you want to rent it out short or long term. If you want to attract the most buyers or rental clients, you need to understand what they want, so we were really pleased to see a profile of the typical UK buyer here in Spain from Tranio.
In an interview with OPP magazine explaining the results of their research they explained that the British “make up 30% of all foreign buyers – the French and Russians compete for second place with about 10% each.” They added that British buyers are increasing due to an improving economy, strong Pound and banks being happy to lend to them.
They have identified the following as the key attributes of the British buyer in Spain –
- most buyers are reaching retirement or pre-retirement age (45-64 years old)
- they use property for personal use, not investment
- over 75% of transactions are made without a mortgage
- the most popular destinations: Andalusia, Valencia and the Canary Islands
- the most popular location: seaside property
- there is interest in new and secondary housing markets
- equal interest is shown in houses and apartments
- the average property size is over 100 square metres
- the average selling price is higher than that paid by any other foreign citizens.
Our experience of British rental and sales clients are that they want new kitchens and modern bathrooms, neutrally decorated but homely properties with terraces, and pools – either private or shared. They are put off by typically Spanish decoration, so a coat of white paint and removing any tiles or old fashioned bathroom suites is an excellent investment whether you want to rent or sell.
If you’re thinking of renting out your property and want suggestions on improvements to make it even more desirable, please consult us. Make sure you have plenty of time to do the work before peak time comes around again in the Spring as it will be here before you know it.
As property management experts on the Costa del Sol, we can also help you with all aspects of renting out your property, from marketing it and taking booking to managing the cleaning, key collections and any maintenance issues. We deal with all the stress, so you can simply enjoy the income.
If you think now is the right time for you to sell, talk to our recommended agents Viva.