Back On Top: How the Spanish Property Market Has Risen Again
The Spanish property market is getting stronger year on year, and trends seem set to continue. It seems that 2019 might be the perfect time to buy before the prices start to rise to catch up with the growing popularity of the market. Let’s explore in a little more detail:
Buyers from abroad, both in the form of rentals and from the sales of new homes on the market moved onwards and upwards in 2018, with house prices in Spain being hugely competitive when compared to the UK market. The rise in the success of Spanish property options and its affordability is certainly a driving force as to the rising trend of Brits again choosing to buy Spanish villas, especially at retirement age, or towards an alternative source of income through rental.
According to the National Institute of Statistics in Spain, those buying property from foreign countries stood at just over 12% in 2018. This is a huge rise from 2009, when foreign buyers only accounted for 4% of sales on the property market. And the trend is only rising. Affordability is a huge factor, paired with the benefits of the climate and lifestyle, Spanish villas are selling steadily.
While it’s still the coastal areas and expat villages that are seeing the most popularity from UK buyers, people are also considering properties on the mainland. Areas such as Barcelona are becoming increasingly popular, as avid city-goers look abroad for their next purchase.
For Brits, the ease of travel to a country like Spain is very appealing. Many holiday-goers choose Spain and Spanish islands for their annual summer get-away. The inexpensive, short-haul flights, warm client, gorgeous beaches and a great culture of food, drink and relaxation are what make Spain a popular choice. And it seems that annual holidays are just one of the options. Buying property in Spain could offer solutions for families or investors looking to make an investment purchase: somewhere to holiday year on year while offering a rental space for fellow holiday-makers, or choosing to move to a warmer climate while still having the UK only a short flight away.
But with a rise in popularity from foreign buyers choosing property in Spain, prices will inevitably rise. So, could 2019 be the best time to jump on the property market while prices are still competitive and affordable? We think this just might be the case.