The team at Sequre International have noticed a significant increase in the number of individuals looking to purchase property in Spain post-Brexit. In fact, the sales market is buoyant; in June, property sales were up by a huge 20% in comparison to the same month last year. Residential buyers and investors understand that now is the perfect time to purchase property in Spain whilst prices are low and the country continues on its path to economic recovery.
Here’s what we expect to see from Spain over the next few months:
• House prices increasing
Property prices in Spain are still incredibly low, but they are steadily rising due to the demand. June saw a 1.8% rise in prices and experts are predicting that prices will increase by a further 5% by the end of 2016. As the Spanish economy continues to flourish, so will its demand and property sales.
• Higher number of foreign buyers
In 2015, it was reported around 20% of all home sales in Spain were from buyers overseas – a large majority of these being from the UK and other areas of Europe. It’s likely that this figure will increase even further over the next few months as more British residents turn their attention to Spanish property, either as a second home, an investment, or as part of their permanent relocation plans.
• Falling interest rates
As mortgage lenders continue to launch a wide range of competitive rates, the property market has become much more accessible to buyers. Some lenders are offering up to 95% finance in some instances, which is helping boost Spain’s property market.
• Construction back on track
Over €13 billion was invested into Spanish property throughout 2015, this gave popular hotspots such as Costa Blanca and the Costa del Sol a huge boost and has encouraged developers to ramp-up construction levels to meet the increased demand for property.
