SPAIN RAMPS UP THE NUMBER OF NEW HOMES
Planning approvals for homes in Spain are up by 28% from 2014.
New research highlights that a total of 19,134 approvals were made in the first five months of the year, an increase of almost 30% from the year before. Planning permission for apartments saw the highest jump at a 36% rise from 2014 levels.
These figures will serve as an additional boost to the construction industry where there has already been a 2% increase in the number of homes built over the past 12 months; the first sign of growth in the sector for seven years. In July, it was also reported that prices for new build property in Spain rose for the first time since 2007, with the average price for new buildings increasing by 1.8%, indicating a good recovery for Spain’s property market.
The news follows on from a strong property demand throughout Spain, as UK residents look to buy permanent homes and holiday getaways thanks to a stronger overseas property market. Plus, with the current pound-to-euro exchange rate, British buyers are flocking to get an even cheaper deal on new build properties.
Comments From Sequre
Sequre’s Managing Director, Graham Davidson, comments on the rise of new-build Spanish homes:
“Where old style Mediterranean buildings once reigned, developers in Spain are refreshing the property market with modern new apartments that are highly desirable to the UK market. Whereas traditional Spanish buildings were often small and perhaps not built to allow for much natural light, new developments are bright, spacious and suit the Spanish climate perfectly.
As Spain is seeing a great recovery across almost all sectors including mortgage lending, house sales and rental demand, this new report based on new builds really does indicate the start of a property boom in the area. We can remain confident that with such a buoyant market, demand will increase over the coming months and while house prices still remain low, anyone looking to buy in Spain could get a very good deal at the moment.”
Sequre specialise in sourcing property in the UK and overseas. With a specialist team of overseas property consultants, we can talk clients through the purchase process from start to finish. Many of our property professionals have lived overseas for several years so are able to share their first-hand knowledge and experience with you. We also offer subsidised one-to-one viewing trips so our clients can visit locations and properties of interest to make informed decisions. Our viewing trips also serve as an opportunity for clients to meet English speaking solicitors and mortgage brokers who will provide you with all the information you’re likely to need on buying your dream home in Spain. If you’re interested in buying a property overseas, contact us today on 0800 011 2277.