Spanish property market on post-recovery high
The British market after Brexit British market strengthens after Brexit certainty The UK market has been one of the main sources of tourists and property buyers on the Costa del [...]
Spanish property market
The financial crisis that affected the world also touched the Spanish property market and areas such as the Costa del Sol, but it was exactly the coastal areas that bounced back quickest, driven by a revival in foreign-led demand.
At first, much of that demand was Scandinavian, but it has since broadened to include buyers from across Europe and the Middle East, with a distinct increase seen among Belgian and French homebuyers and investors.
What was once a recovery, however, has blossomed into a fully-fledged growth cycle, and though unlike the boom of the 2000s it is a more mature, balanced and measured period of development where we are dealing with neither a typical buyers’ market nor a typical sellers’ market, the revival of the construction and real estate sectors, and the popularity of new developments in places such as the Costa del Sol points to a healthy state of affairs.
What’s more, not only has the growth in demand from buyers across mainland Europe and the Middle East obscured any Brexit-related impact, demand from the British themselves has remained strong – actually gaining momentum in 2018 as buyers from the UK maintain a grip on their customary position as the biggest foreign market for properties in areas such the Costa Blanca and Costa del Sol.
Together with the many other nationalities buying in lifestyle-orientated locations such as Marbella, they have helped the property market reach a new post-recession high, with sales figures approaching those of before the financial crisis and property values recovering in the same direction.
The figures released of the first quarter of this year show a total of 16,833 Spanish properties sold to foreign buyers, an increase of 13,2% over the same period last year, a growth rate that is matched by growing domestic demand across the country.
With British buyers still making up 14% of the foreign market in Spain, which in itself is responsible for 13% of all property transactions in the country, the overall appetite for the homes and lifestyle that Spain and in particular regions such as the Costa del Sol has to offer remains as strong as ever.
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