The Costas in Spain have always been a hotspot for overseas investors including UK Expats. But very recently the large Spanish cities such as Madrid Valencia Barcelona are being targeted by very wealthy UK, Chinese and Russian investors in 2015
Spain is the biggest overseas property market on the globe for lifestyle buyers. Normally these buyers stick to the Spanish Costas, but within the last year the market has started to stabilise and we are seeing more and more investors buy inland and in the big Spanish cities. This is because the cities now offer some fantastic investment properties for cash rich buyers. And now with sterling very strong against the Euro we are also seeing a surge of UK investment as well as the overseas buyers from Russia and China.
Some of the larger cities like Barcelona and Madrid were hit with the property crash and property prices fell almost 50% during the recession, this pattern was also felt in the Spanish Costas but as early 2015 patterns are showing the recovery in prices across Spain is great. Prices are up 20% in Madrid and Barcelona and Valencia and statistics have shows this is the first price increase since 2008
Turn the clock back six years and this was a different story all the major cities were in decline due to the Spanish financial meltdown which burst the property market. And as we all know the property market heavily contributed to the Spanish Capital. Today these cities have never seen so much investment from overseas buyers in years and its putting the big Spanish cities back on the map as the best places to invest money. The last 12 months have seen investment come from every part of the globe with 80% of the buyers being cash rich.
Sales in the major cities in Spain are up 50% with Valencia leading the way again and Barcelona coastal areas a close second. Not only this but we have seen a 60% rise in the number of inland property bought in Spain for long term rental.
We are seeing the investment come back into the cities because of the hot and balmy yearly temperatures, and fantastic local architecture combined with modern fast life living which is a huge draw for the cultural overseas property buyer.
The Spanish Costas are all showing a 40% increase in investment compared to this time last year with buyers for all types of Spanish property. There never has been a better time to sell property in Spain so it looks like this is the year the Spanish Market finally starts recovering.
If you need help selling a property in Spain or if you want to buy a property in Spain contact us today.