One sure telltale sign that the Spanish Property Market is in recovery is the increase in sales over the last two years. This year in April, there were approximately 31,505 registered property sales in the residential category. This excludes subsidised housing. This is an increase of 31% compared to last year’s sales.
One of the main reasons Spanish Real Estate Market is flourishing is the many foreign buyers. People from all over the world are investing in Spanish Real Estate, especially the Costa del Sol. The real estate market in Spain is dynamic. Foreign buyers like the attractive prices for homes in Spain. Of course, in coastal cities, real estate prices tend to be higher than other areas. Foreigners alone bought 65,506 properties in 2018. This was an increase of 7.6% than 2017. For the last nine years, there has been an increase of residential real estate transactions.
When buying a property in Spain, choosing the correct area will present double-digit returns in future years. Taking advantage of new opportunities through expert professional advice can help you achieve your investment goals.
Expats Getting in on the Real Estate Market
Within the next 3 to 4 years, expats will be expected to stop renting properties and get in on the Spanish Real Estate Market even further. This will happen with the low down payments required and a monthly mortgage payback that will possibly be lower than what they were paying for rent. It is predicted that almost one million people will convert from renting to owning within the next 3 to 4 years. This will be key for the recovery of the housing market in Spain. This will open up much more supply for renters, which will, in turn, lower the rental prices.
Some people may be apprehensive about buying a property in Spain due to the uncertainty of Brexit. However, not everyone feels that way. UK buyers are the largest group that buy property in Spain. They average approximately 192 Spanish properties every week.
Marbella, Spain was one of the first countries in the world to create residential tourism. Residential tourism is when someone who is not an expat purchases a property and uses it as a second home. Marbella is one of the most popular destinations due to its 12 months of great weather, beautiful scenery, and luxurious lifestyle.
Increase of High-Quality Development Properties
Since 2012, the beginning of Spanish Market Recovery, there are many properties being built. These new properties are more modernised with higher technology installations like intelligent home systems. Older homes 20 years and older are being completely redone and upgraded to meet today’s standards. There has been so much improvement to infrastructures and designs over the last few years. There are many different designs and properties available to choose from. There is something to catch everyone’s eye.
Don’t take our word for it
All of the largest property evaluation companies confidently agree that the Spanish Property Market will see a stable growth over the next 3 years.
About Marlo Property
Marlo Property is a leading real estate agency strategically located in the Golden Mile offering luxury properties in and around Marbella which makes Marlo Property one of the best estate agents in Marbella. Marlo Property specialise in Luxury Villas for Sale in Marbella from €750,000 upwards as well as luxury townhouses and luxury apartments.