Property in Spain - are the good days back again?

Property in Spain - are the good days back again?

 Okay, if you’ve a Spain property for sale, here’s the good news – the Spanish economy is back on track and so is the housing market. Spain was for long, since the days of the global economic recession one of the most affected countries in Europe. Properties in Spain fell off 50 percent off their highs in 2007. Clearly, if you were looking to sell a property in Spain during those times, you would struggle to get a good price for it.

But what happened was, while Spain properties for sale lost in value, Spain as a destination for the international real estate investor became even more attractive for this reason. Suddenly, some of the biggest property investors in the world smelled a great opportunity to buy a lot of properties in Spain for bargain prices – and that’s what they did.

As Dilip Khullar, a senior investor who has been associated with the Spanish real estate market says, “It’s surreal! One day it’s the worst place in the world to buy real estate and the next, it’s the best.”

Interestingly enough, when the Spanish real estate bubble burst in 2008, most experts said it would take at least 10 years for the country to recover. It actually took Spain half as long, as it turned out. 

It was in 2013 that the real estate market in Spain showed real signs of recovery, and that has since continued, first into 2014, and now as we enter the midpoint of 2015, it’s safe to say that the crisis is fully behind us.

What has changed is that the government of Spain unleashed a slew of reforms, such as relaxing labor laws, enforcing strict regulation of banks and so on. The banks did their bit too, as they began looking at their balance sheets more seriously, taking several remedial measures.

So if you’ve a Spain property for sale, what does this mean for you? Let’s look at some facts.

Ø Property values over the last 1 year have shot up by 3.3% across Spain, according to the Sociedad de Tasación.

Ø Spain properties for sale in Marbella have risen by 89% from 2008 to 2014, according to Knight Frank.

Ø The Spanish residential real estate investment is expected to grow by 6.6% in 2016, according to the Banco de España.

Ø The Spanish GDP has grown over the last 7 quarters, and grew by 0.9% in the first quarter of 2015.

Clearly, Spain is back, and in style. But it’s not all perfect, as Marc Pritchard, who works for the Spanish real estate developer Taylor Wimpey España says: “Although the upturn is still patchy, we are seeing more and more areas reporting price increases as each month’s figures come in. It seems reasonable that by the end of this year, if not early next year, Spain will be able to report growth in every region so far as residential property is concerned. There is still fragility within the market, but with each passing month it is looking more robust.”

Regardless of whether you wish to sell a property in Spain immediately, or would like to hold off for a few months more and wait for the prices to get even better, you will need to hire the top UK estate agents for overseas property markets such as WorldWide Group.

At WorldWide Group, we have excellent relationships with high net worth individuals from countries such as China, Russia and from the Middle East, who are very much interested in Spanish properties for sale. For more on how we can help you sell a property in Spain, do contact us by filling the contact form here. We will be sure to get back to you ASAP.

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