Spanish Property Market – Spring 2019
We all hoped that there would be some good news associated with Brexit at some point, and at least there is one thing, the Pound has recovered to about its highest rate for the last couple of years, so now is a really good time to explore what you can get for your money when buying in Spain.
What is happening with Spain’s property market this Spring?
The latest reports demonstate that on average, every day last year 28 British people bought homes in Spain. It is interesting to explore what and where and people are buying to give you a flavour of the market. Traditionally, many people take the Easter break to start to look for their property in preparation for having it available to enjoy the full Summer sun and fun.
Why not take 5 minutes to read five fast facts about Spain’s property market to see which areas people are buying in and where are some of the best opportunities.
British are back buying in Spain
It would appear that many British buyers are more positive about the initial post-Referendum fear of Brexit and are now back to purchasing property in Spain. The total property purchases by British people increased by 12% during 2018 compared to 2017, according to information provided by Spain’s Land Registry. An average of 28 properties were sold to Brits every day last year, that is quite a significant number and shows the confidence of people wanting to have a Spanish home.
In addition to this, the UK’s dominant share of Spain’s foreign buyers market has bounced back too. This represented 17% for the last three months of 2018. This shows a good improvement compared to a low-point of 14% back at the beginning of 2017.
What are the statistics on the growth trend?
In 2018 the average house prices rose 6.7% year-on-year across Spain, according to reports provided by Spain’s Council of Notaries. This is the highest rise since 2007. Prices are expected to rise by similar levels in 2019, which is excellent news for those who are looking to sell their Spanish property. Simultaneously, the 516,000 housing transactions completed across all of Spain last year, 65,500 being by foreigners buyers, was the highest figure recorded in the last 10 years and represented a year-on-year increase of 11.3%. The Costa del Sol accounted for 29% of these purchases – the second most popular area.
At the moment, there are approximately an estimated 200 new projects in the pipeline in the Costa del Sol. In the first nine months of 2018, there was a reported 41% year-on-year increase in the number of building licence approvals in the Málaga province. The hot spots for these new developments include, more than three quarters of these being in Estepona, Marbella, Caseras, Mijas, Benahavís, Fuengirola and Málaga city.
We hope that this summary of the current Spanish market has given you some food for thought. Please take a look at our website www.universalrealestate.es that has over 3000 properties in Estepona and the surrounding areas to suit all budgets. Or please do send an email to Jon and Nina at Info@universalrealestate.es outlining your criteria so that they can review and share suitable properties with you.