Property Prices in Spain Surpassing Euro zone Averages

Property Prices in Spain Surpassing Euro zone Averages

According to the latest statistics from the Eurostat department house prices in Spain are increasing faster than any other region in the EU.

The is great news for foreign buyers looking to capitalise on their monies by investing in Spain. Taking advantage of Off Plan properties right now is a must due to the lower than market value prices you see for resale properties meaning greater long term profits to be made if investing in Spain now.

In Q2 of 2016 until Q2 of 2017, property prices rose by 5.6% in Spain compared to 3.8% for the rest of Europe. Spain has had a very delightful 12 months with property rises on the rise, properties selling at a rate of knots and more leniency with Spanish mortgage applications getting granted. The amount of mortgages applied for this August was 10% higher than in 2016 with an average amount of loan being €117,878.

Historically August is a quieter month for property sales in Spain due to the tourism boom for the summer, however this August Spanish property sales rose by over 17% compared to the previous year according to Spanish Notaries.

We have only one outcome to all this positive news about properties in Spain. The confidence has returned to the property market with overseas investors snapping up properties in good locations, off plan being sold as a great investment opportunity and developers are again coming to Spain to build (with licenses supported by the Spanish Government). First time overseas buyers are happy to buy property in Spain due to the safe policies that are in place now on off plan properties, strong economic stance and rising house prices.

We can see from enquires one year ago to this year that so many people feel confident again in Spain, by the end of this year we can see Spain taking the top spot for the best place to invest in overseas properties.

For more information about buying off plan properties in Spain, property mortgages or how to invest in property in Spain then please do drop us a line or email a specialist on info@absolutemarbella.com

Housing Market on the Rise according to Bank of Spain

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.