After 8 years of crisis in the Spanish property sector finally solid data is showing that recovery is underway. Non-Spanish are sensing the real opportunities in the current market, and are subsequently buying in record numbers with an 11.9% increase in purchases by foreigners in Q2 2014.
Top 5 Reasons To Buy Property In Spain
Due to the continuing recovery in the Spanish housing market, there are now numerous compelling reasons to buy a Spanish property, with the top 5 being:
Positive Data
According to the Ministry of Public Works, sales of property in Spain have stabilised and rose 12.1% during the second quarter of 2014. This is an excellent positive sign that consumer confidence in Spanish property is increasing and that now is a good time to buy. The Spanish mortgage market is also starting to show signs of recovery as, in June 2014, mortgage concessions rose by 19% and 28% in July 2014. The statistics are showing that the Spanish property market has bottomed out and now the only way is up.
Buyer’s Market
Currently, there are excellent opportunities for bargaining on Spanish property as oversupply, limited numbers of serious purchasers and general economic conditions are leaving most sellers in a weak negotiating position.
Stock
There is still a huge amount of unsold properties in Spain meaning a great range of all types of property in Spain to choose from for a potential buyer. Houses and apartments of all types, all price ranges and in all locations are available with many modern new-build developments also now coming onto the market in the most popular coastal areas such as Alicante. A good example of this is Malaga in the Costa del Sol where 90% of the buyers are now foreign, with most paying in cash and it is predicted that the 10,000-15,000 unsold homes will be sold within a year and a half.
Lower Fees
Due to the drop in house prices the fees associated with buying property in Spain have also fallen. Notary and registrar fees, as well as fees for agencies and solicitors have all dropped as they are in most cases linked to the purchase price of a property.
Booming Tourism
Spanish Tourism figures are rising annually as more and more tourists fly to Spain to enjoy the fantastic Alicante weather and take advantage of cut price holidays. From January to August 2014 45.4 million tourists visited Spain, setting a new record for Spain’s tourism industry. And Alicante-Elche airport recorded over 10 million passengers for the first time in 2014.
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