Now the Americans are Coming!
It’s the enduring question, especially now that Theresa May has called an early election to underpin her Brexit strategy. What effect will it all have on the 300,000 Britons officially living in Spain and – as a consequence – the residential-tourism market led by the Costa del Sol?
According to Kyero.com’s March report, UK buyers are maintaining their love affair with Spanish property. “With Prime Minister May emphasising how slow the Brexit process is going to be,” says head of research Richard Speigal, “with the UK being hostage to the negotiation cycle, it seems that Brits are happy to take a ‘keep calm and carry on’ approach to buying homes in Spain. Interest has slowed, but is far from going into reverse – in fact, British visitors to Kyero.com have increased by 30.2 per cent over the past year.”
Meanwhile, US visitors to Kyero.com have surged, up 75.3 per cent year on year, “now firmly in the site’s-top 10 list of nationalities interested in buying in Spain” (the official American expat population in Spain is estimated to be 41,000). In addition, notes Kyero, prices across Spain are growing steadily. The median asking price for Kyero.com’s 200,000-plus listed properties is €244,000, a 5.9 per cent increase over the past year.
In other good news…
- As the property market continues to grow, prompting concern in some quarters of the risk of another real estate bubble, the Bank of Spain has issued a reassuring declaration noting that it detects “no sign of overheating” in the housing sector. The bank’s statistics department said the market was showing signs of growth that could be considered “significant”, bearing in mind that figures for housing starts, prices and transactions are all increasing, but added that it saw this as a normal recovery after a “very significant” adjustment (i.e. the bubble bursting and consequent crisis).
- The latest report from property valuation company TInsa highlights a positive evolution of prices during the first quarter of 2017. According to its authoritative IMIE index, the average prices for homes in Spain increased by 3.2 per cent from January to March – and 6.4 per cent on the Mediterranean coastline (including the Costa del Sol). “The general figures represent a significant increase over the past two months compared with the level trends maintained during 2016,” said the head of Tinsa’s research department, Jorge Ripoll.
- Airline companies operating at Málaga’s international airport have scheduled 15.5 million seats to the Costa del Sol capital from the start of spring to the end of October. According to airport manager Salvador Merino, this total is 13 per cent higher than for the same period last year. During summer, the airport is scheduled to cover 242 different routes, 33 more than in 2016, including 210 European destinations. In the whole of 2016, 52 companies transported a record 16,672,000 million passengers.
- A new report has identified a trend among Russian international property investors to move from residential to commercial properties. According to real estate broker Tranio’s sixth annual survey, which included realtors working with Russian-speaking clients, Spain is likely to be a major target. “We at Tranio.com,” said managing partner George Kachmazov, “believe that redevelopment investors will flock to Spain, where real estate prices have fallen by 40 per cent since 2007 and are expected to increase substantially in the next few years.”
One area that has held its value and popularity, even through the crisis years, is Marbella’s Golden Mile – where this stunning penthouse is located (and priced at an excellent €990,000).
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