What You Missed... More Good News for Property Buyers
The peak holiday season is now over and it’s back to more serious business. Well, only serious in the sense that buying a new home is a major event in people’s lives. When that property is located in southern Spain the new living arrangements are, of course, also accompanied by a significant level of pleasure.
For those who have been away in August – or relaxing on the Coast and successfully managing to avoid the constant media stream of our modern-day connected lives – we have been monitoring events and developments in the local real estate market for our regular good news update. Some highlights…
- Foreign buyer growth continues on a robust upward path in 2017, with international real estate consultants JLL reporting that overseas buyers spent €888 million on Spanish properties in the first half of the year, easily beating last year's record of €330 million for the same period. Total investment for 2017 is expected to exceed €1 billion.
Commenting on the figures, Taylor Wimpey España’s sales and marketing director Marc Pritchard said, "A decade on from the crisis and Spain's property market is not only back on its feet but thriving. The appeals of owning a second property in Spain, be it to enjoy holidays with friends and family or to relocate to has endured and I have no doubt that the country will welcome another record year of international investment."
- BBVA predicts that the number of home sales in 2017 will increase by 10 per cent compared with last year, and reach half a million for the first time since the “boom” times. The bank’s research division says there has been a sound recovery in the Spanish property market so far this year – sales were up 14.5 per cent to 213,074 transactions in the first five months – and this boost the prospects for another year of growth.
BBVA forecasts that prices will be back to where they were 13 years ago (in 2004), although industry experts note that increases are not uniform, with some areas such as the Costa del Sol more buoyant than others. The bank also expects new home building to continue to recover this year, with 80,000 planning approvals – a 20 percent rise on last year.
- Meanwhile, in its latest market report Sabadell bank’s property division, Solvia forecasts that average Spanish house prices will rise by 7.3 per cent between now and 2020, albeit with regional variations; while Bankinter predicts a four per cent rise this year, and between four and five per cent in 2018.
- In spite of ongoing Brexit concerns, Spain remains far and away the most popular destination for UK buyers. According to international property portal Rightmove, “A closer look at a year’s worth of property search data from the largest cities shows consistent interest in Spain right across the UK. It is the number one sunny destination for Britons from Birmingham, Bristol, Cardiff, Glasgow, Leeds, Liverpool, London, Manchester, Nottingham and Sheffield.”
Finally, for a little fun this “final” holiday weekend… On the coast, Fuengirola’s Beer Fiesta is in full flow until Sunday night within the walls of the iconic Sohail Castle, with German food, jugs of beer and live music; while, for those happy to travel a little further up into the mountains, the Ronda fair also concludes on Sunday.
Luxury Living
On the road up to Ronda is the La Zagaleta estate, so for our featured home this week we decided to enter its ultra-exclusive surroundings to admire this impressive villa, priced at an excellent €2,950,000.
Outstanding Homes
We appreciate your taking the time to read about this exceptional property, but perhaps it is not exactly right for you? If not, we invite you to have a look at our other stunning selections for:
Luxury Villas,
Apartments,
Golf Properties,
Seafront Properties,
La Zagaleta and
Special Offers. Simply click on the category of your choice and follow the link. Also please feel free to roam around our website:
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