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As we’ve reported in previous blog posts, the Spanish property market is on the up, with the Ministry of Development recently reporting that the country was officially out of recession and the property market finally showing sure signs of a slow but steady recovery. Prices are rising in some areas, as the best properties get snapped up, and much of this activity is being fuelled by foreign buyers. This is excellent news for property owners who have been patient and waited for the market to improve before selling. However, don’t expect a huge leap in prices, this will be a steady recovery whilst there is excess housing stock and it is still very much a buyers’ market.
The Independent reported recently that “after leaner times, British people are buying property abroad again as a new study reveals they are leading the way when it comes to properties bought by foreign nationals in Spain.” Nearly 20% of all property purchased by foreign nationals was bought by the British and not surprisingly Andalucia and the Costa del Sol in particular is one of the most popular areas for these British buyers.
The article reports that the British are finding Spain attractive due to the low prices following the property crash, the high UK property prices, as well as the wonderful climate and lifestyle that has had British tourists flocking to the area since the 1960s. This is particularly desirable for the older property buyers looking to retire to warmer climate, see their pension go further, and make a great investment.
There are buyers at the top and the bottom of the market, those looking for luxury properties, and the real bargains. Those buyers looking to invest in affordable property are being helped by the increased lending and also the historically low Euribor which is keeping repayments low.
All this is excellent news for owners of property, who will see the value of their investment steadily increase. However, we would advise you not to rush into selling, as this is an improving market and prices have only just started to rise. 2016 will be a good year to watch and see how prices, demand and mortgage lending changes before deciding to sell. In the meantime, you can rent out your property to the record level of tourists expected once again for 2016. This will pay any costs of home-ownership and if you have a desirable property such as a villa with a pool and you market it properly you can earn a really good income particularly over the peak season from April to September.
We can help with marketing and also managing the rentals whilst you’re watching the market, not to mention our comprehensive property management service. With more than ten years’ experience, bilingual staff, secure online system to manage your property from anywhere in the world and hundreds of happy customers, you can trust us with the important job of looking after your property. Once you’re ready to sell, our partners Viva can give you the best chance of selling.
2016 should be a great year for owners of Spanish property and reward them for hanging on through the bad times! Let us know if we can help you in any way.