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We reported back in May that the property market in Spain was recovering, with more properties being sold, as well as more tourists than ever coming to the area. The good news is that the recovery is continuing and predictions are very good for the rest of the year and beyond.
Of course there are many different opinions out there, but in general it seems to be positive. Analyst Jose Luis Suarez believes that there will be nine years of steady price increases ahead of us, with the peak prices which were seen in 2007 not being reached until 2025. He believes that despite the over building we saw during the boom, that new properties will be required to meet the demand and we are seeing new developments start here on the Costa del Sol already.
Prices are also starting to increase, although they are coming slowly and not across the board. In June, property evaluation firm Tinsa reported that price rises are spreading across the Spanish Costas, with 71 out of 135 municipalities showing price increases. The Costa del Sol is one of four regions which are showing the strongest price recovery, with Marbella being the most active property market outside of Barcelona, Valencia and Malaga. Find out more
Spain is considered the ninth most popular destination for international real estate investors by Ernst & Young and despite fears that the Brexit vote would derail the Spanish property market, home sales across Spain rose by almost 20% in June. Real estate agents have also reported a higher than usual buyer activity throughout the summer period and Andalucia was the area which saw the most sales. As this is a very popular area with British buyers, it is a good sign that we haven’t been too effected by Brexit.
Overall, these results are very promising for home owners on the Costa del Sol. However, as you can see, the recovery is expected to be slow and steady, so prices are definitely not at their peak. This is a good time to get a professional valuation to see how the value of your property has changed. If it is still lower than you paid for it, or you feel you would prefer to wait for the rises to become more significant, then a very good option is to rent out your property long term whilst the market improves.
Long term rentals are scarce, demand is rising and they are not regulated by the new holiday rental law, so are a good option for homeowners. They are also easier to manage, because once you get a tenant, you may not need to do things for many months on end. We have a long term rental portal HomeRentalontheWeb which is particularly for people looking for this kind of accommodation and we have more demand than properties.
As property management specialists on the Costa del Sol, we can take the hassle out of renting your property long term. We will sort out the contracts, take deposits, collect the rent, check the property regularly and deal with any maintenance issues. You can simply relax and enjoy the rental income for the next few years whilst the market grows and your property increases in value. Please let us know if you’re interested in discussing this option with us and we will let you know how much you can expect to earn and tell you about our great long term rental packages.