New research shows that Spanish house prices are set to increase over the coming months.
Data released this week has found that house prices in Spain are on the road to recovery, but it is expected to take time before they reach pre-crisis levels across the country. Many Spanish cities and popular coastal regions have already seen an improvement in prices, a trend that is now forecast to continue.
It’s not just property prices that are improving; tenant demand, house sales and mortgage lending figures have also risen. Property affordability across Spain is equal to 33% of gross household income, the same rate seen in the pre-crisis phase back in 2001. This is a significant drop when compared with 2008, where property affordability was as high as 49% of household income.
The news follows on from a growth in the number of new build properties in Spain, with planning approvals for new homes up by 28%, representing the surge in property demand across the region.
Sequre’s managing director, Graham Davidson, comments on Spain’s house prices:
“The news of Spain’s increasing house prices has been projected for some time. As the data shows, key tourist areas such as the Costa Blanca and Costa del Sol have already begun to see prices creep up once again as the Spanish property market continues to strengthen.”
“House prices in Spain have been low for some time now. Prices are almost 50% lower than they were in 2008 which has spurred an influx of British and European buyers to take advantage of the great deals to be had. As Spain’s popularity grows, the low prices simply can’t last forever, and as demand increases, prices will be driven up as a result. For those considering buying property in Spain, now would be the time to do it as prices are likely to only go one way from here.”
Sequre source property in prime locations across the UK and overseas. If you’re considering buying property in Spain, our team can help you find your perfect place in the sun. Our one-to-one viewing trips across the Costa Blanca and Costa del Sol will give you the opportunity to view properties, meet mortgage brokers and speak with English speaking solicitors to discuss the overseas buying process. We also have access to properties that are not available on the open market and are completely exclusive to Sequre. Call us today on 0800 011 2277.