While 2015 can be seen as the year of consolidation for the Spanish property market, this year will see it start to forge ahead and follow the lead of the Costa del Sol, Madrid and Barcelona, which have been on an upward trend for several years now. In a report by respected Spanish newspaper El Mundo the real estate trends predicted by property portal Aliseda were outlined, with the importance of foreign buyers, the rise of the young and recovery of the construction sector all getting a mention. According to El Mundo a new cycle in the property market has started, with the crisis that began in 2007 now at an end following its nadir in 2013. Looking forward to the year ahead Aliseda pinpointed several trends it expected to continue…
- Resale homes will be the biggest sellers.
As a result of a reduction in the stock of new homes after years of low levels of construction, demand will need to be met by resales, at least initially.
- Three-bedroom homes will be the star of the show
People searching for their principal residence want space, and the feeling of luxury that goes with it.
- The importance of foreign buyers
When it comes to second or holiday homes 65% of buyers came from abroad in 2015. That looks set to continue this year and will be particularly important in the coastal regions and resort towns like Marbella.
- More financing equals higher sales
As banks have found themselves on a firmer footing they are making more mortgages available. It is estimated this could help drive real estate sales up 15 to 20% this year compared to last.
- Rising prices in the main cities followed by other regions
After years of falling prices nationally, the cost of land—one of the principal indicators of recovery—has been rising in Marbella, the Costa del Sol, Barcelona and Madrid for several years now. This trend is expected to spread to other zones like Alicante, Córdoba and the Basque Country.
- The return of the building crane
In 2015 the number of building permits granted rose 20% to around 50,000. It is expected demand for new homes will reach around 150,000 units this year, so it is forecast the number of planning applications will continue an upward trend. Aliseda predicts a rise to around 200,000 new permits a year within a short timescale.
- The future belongs to the young
The younger age group was the worst affected by the economic crisis and now those who couldn’t get on the property market ladder want to get their first home. They are viewed as being the main drivers of demand for homes on a national level. AltaVista Property shares this optimistic outlook. In Marbella and the Costa del Sol we have seen increasing demand for quality homes, and new developments particularly are much sought after. If you are searching for real estate in Marbella and surrounding areas, please contact us. Source: El Mundo