House prices in Spain are rising across all regions
October has been a very encouraging month for the Spanish property market. Despite suffering a prolonged period of turbulence and uncertainty, it appears as though property prices and transactions are increasing in all parts of Spain - including the key towns, cities and coastal areas - and this should come as excellent news to clients who are looking to purchase property in Marbella, who may have been keeping a close eye on the health of the Spanish economy before deciding whether to go ahead and make a purchase or not.
Property Investor Today analysed the sales figures from a leading Spanish real estate agent, and they found that sales are up by as much as 40% in some places - just another indicator that confidence is beginning to grow again in the property market.
The property website then went on to quote a spokesperson for the firm, who said that their total sales increased by 40% throughout all regions of the country. Some of the biggest increases have been recorded in some of Spain's key cities, such as Barcelona, Madrid and Valencia, and the spokesperson believes that the country's low interest rates and reasonable property prices, which are still below the peak levels seen in 2006, are making the country an ideal place for foreign homebuyers to purchase their next property.
The spokesman told the website: "With tourism data set for yet another record-breaking year, we expect that Spain's second-home destinations will continue to attract demand for this kind of product from both foreign and national investors."
The firm in the Property Investor Today article remained reasonably optimistic about the future health of the Spanish property market across all regions. However, one figure that may have been slightly concerning to them was the fact that their international investment figures suffered a 13% drop compared to last year - falling to 70% of their total sales. This decline could be down to the fact that foreign investors, especially Britons, are waiting to analyse the impact of Brexit before they go ahead and make a serious financial commitment. However, any Brit reading this article must surely be encouraged by the fact that the Spanish housing market is clearly in recovery.
One could argue that the Spanish economy is facing a more certain future at the moment when compared to that of the UK's. After all, the Spanish do not have the weight of a European exit hanging over them. But, you cannot underestimate just how important the British are to Spain's continued growth.
At the beginning of November, The Olive Press reported that Spain's tourism figures increased by a staggering 10.2% this year. Up until September, over 14million UK holidaymakers flocked to Spanish shores - by far and away the largest tourist group. This just goes to show that UK travellers have not been frightened to spend their money, despite the value of the pound fluctuating on a regular basis.
If real estate agents across Spain were worried about their international investment portfolios, then they will be able to take these tourism figures as a grain of comfort and reassurance.
Brits still hold Spain close to their hearts, and it is still a great location to purchase property. These property figures should convince them to invest in the country again - especially in Marbella, where that property market is arguably in one of the strongest positions it has ever been in.
If you have been reassured by these latest property figures and would like to invest in a booming and exclusive area like Marbella, then make sure you contact IQ Marbella. We have a track record of offering sound advice and guidance to UK residents who are looking to get on the property ladder in this Andalusian region.