Buying and Selling Property Trends in Spain for 2017

Posted by admin 14/12/2016 0 Comment(s)

The buying and selling property trends in Spain for 2017 are largely positive. Spain has once again emerged as the top overseas property destination in the world in 2016, and is expected to go from strength to strength in 2017.

 

It has certainly helped that after a long time, there is now a stable government in Spain. Spain had been rudderless at the top for almost 10 months, since the elections of December, 2015 which threw up a very confusing mandate. Now, Prime Minister Mariano Rajoy has been firmly confirmed as Spain’s leader and there is now political stability in Spain, finally.

 

The Spanish economy has been doing quite well. Spain had a GDP growth of 3.4% in the third quarter of 2016, which is pretty impressive. In fact, Spain is one of the fastest growing economies in the Eurozone, even faster than Italy.

 

Spain remains the world’s top-rated tourist destination. The country received over 70 million foreign tourists in 2016, which has been a record setting year. Tourism is a major industry in Spain, and employs millions of people. It is the bedrock of the Spanish economy.

 

The overseas property market shares a direct link to tourism. The popularity of a country as an overseas property hotspot is directly related to its popularity as a tourist destination. So Spain’s status as a tourist hub has certainly helped the overseas property market here.

 

While the economic situation in Spain looks good right now, it wasn’t always the case. Spain experienced a lot of hardship following the 2008 global financial crash.  Unemployment in Spain had grown to as high as 27 percent in 2013.

 

The real estate market in the country was barely functional and there was a glut of bank repossessed homes and apartments on the market, which drove down the prices by a substantial extent.

 

Things started to improve in 2015 while 2016 was the breakout year. A report by BBVA, one of the biggest banks in Spain says that home sales were up by 10%, while the number of applications for building permits was up by 30 percent.

 

Tom Maidment, a senior partner at Lucas Fox, a major real estate developer in Spain explains how things have turned around in Spain in 2015 and 2016:  “The increased market activity by local buyers was the standout trend in 2015. Spanish buyers have been active predominately at mid end of the market, attracted by property prices at an eight year low, a recovering economy and increased lending from Spanish banks. For several years the market has been dominated by international buyers and whilst foreign investors still account for the majority of our sales, the number of local buyers is clearly on the rise and we expect this trend to continue apace throughout 2016.”

 

This is as good time as any to consider investing in Spanish real estate. The Organisation of Economic Development and Co-Operation says that the property market in Spain is still undervalued by 26 percent.

 

That is one reason why a number of cash rich, wealthy investors from emerging nations such as China, Russia and from the Middle East are looking to buy properties in Spain. There is also a substantial interest from British buyers, despite the Brexit referendum. German and Scandinavian buyers have invested heavily in Spain as well.

 

if you need to buy or sell property in Spain fast in 2017 contact us today.

 

 

 

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