Studies of the Spanish property market reveal that the volume of Britons buying in the country, especially in the Marbella area has risen by around 25% since last year
In addition to this, figures from sources across the real estate spectrum confirm that the recovery of the Spanish property market is in full swing across most regions, especially the new boulevard area of San Pedro de Alcantara with many estate agents in the Marbella area confirming that confidence is high among both foreign and national buyers…
Indeed, according to statistics, the number of properties sold to national buyers has increased by over 50% this year, which confirms the predictions that the Spanish property market is most definately on the up.
Spanish Property Registrars have published their thrid quarter statistics, showing that more than 80,000 homes exchanged between July and September, which was a 16% increase on the same quarter of last year.
During that period, the Registrars data has confirmed that the number of buyers from the UK increased by 53% – which is a combination of the strong British sterling versus the euro, affordable prices, the British economy and the prediction of rising property prices in Spain.
“The last time the pound was above €1.4 was in 2007, and it has been consistently so during 2015,” read the report from the Spanish Property Registrars. Spanish property prices in prime locations such as Marbella and Benahavis are still hugely competitive, especially if you compare them to the likes of other European property investment locations. An improving local economy is another major factor – growing at 3.4% from July to September, the fastest annual rate since 2008.
Increasingly competitive mortgage rates are also bringing more buyers into the market:
“I think we are in for a prolonged period of low rates in the Eurozone,” Mortgage Direct broker Kevin Monger told the OPP. “The economic climate is still very poor in many of the countries that make up the zone.”
Data published earlier in the year reveals that Brits have accounted for one-fifth of all Spanish property transactions to foreign nationals this year.