Housing Market on the Rise according to Bank of Spain
The Bank of Spain has opened its door to give us a look at the quarterly review of the property market.
Recently the Bank of Spain published data on the current Spanish housing market.
In some areas the prices of property fell by as much as 45% from the boom time. After a good few years of ‘getting back on track’ the property market has started to rise again but at much more of a gradual incline rather than sudden boosts. Since 2014 the process of property have risen by over 16%, all according to the Bank of Spain.
With all this in mind and the steady growth continuing to be a trend we have seen a huge amount of foreign buyers primarily looking to buy property in Marbella and Estepona. Foreign buyers has increased by over 17% and with a strong economy and a rampant job market then who can blame people from investing in Marbella and Estepona.
Experts forecast upward trends to continue over 2018 and beyond meaning now is the time to buy. Mortgages are becoming more readily available to foreign buyers and more importantly the Spanish banks are lending responsibly.
Finally, the property market in Spain continues to look strong however the amount of construction will need to increase due to the high demand of interest in purchasing property in Spain.