The Spanish property market is set for a continued trajectory of recovery and growth in 2017, following a positive year characterised by a surge in international demand and modest price rises in prime locations.
A growing economy, low financing costs, good potential for rental returns and capital appreciation will continue to drive sales transactions throughout 2017 and beyond.
According to Richard Speigal, head of research at Spanish property portal Kyero, house sales in Spain have recorded a 15% rise on the previous year and seen 10 consecutive quarters of growth. 'Spain’s market has two unusual advantages. Firstly, it had nowhere to go but up. The 2008 crisis completely shredded the housing market. Secondly, Spain has incredible international appeal and with one in five property sales going to foreigners, it can endure weak local demand,' he said.
Overall, experts forecast that demand from international buyers will continue to help bolster the Spanish property market, with an expected increase in demand for Spanish property from other foreign buyers in 2017, including from the United States and the Middle East.
Price increases have moved beyond the big cities such as Barcelona and Madrid and coastal properties have performed particularly well in 2016. Experts predict a rise of 5 per cent in house prices in 2017, as well as stable growth over the next decade. There will however be a noticeable effect on sales to British buyers as the UK formally enters the process of leaving the European Union.
Why 2017 is a good year to buy a property in Southern Spain:
1. Prices are rising - www.domusvenari.com/en/blog/spanish-house-prices-rise-until-2025.html
2. Great financing options - www.domusvenari.com/en/blog/spanish-mortgage-rates-fall.html
3. Booming tourism industry offers high rental potential - www.domusvenari.com/en/blog/11-million-arrivals-malaga-2016.html
4. High Quality properties - www.domusvenari.com/en/blog/5-reasons-invest-new-builds.html