Following one of the worst economic downturns in the country's history, Spain has made a full recovery due to its ever-present allure amongst foreigners, as well as a number of favourable market conditions. The uncertainties surrounding the Spanish economy have clearly reduced as the economic growth remains robust, backed by better conditions and access to credit, improvements in the labour market, a fast-growing economy and falling unemployment.
Here are 5 pressing reasons to invest in a Spanish property in 2018:
Prices are Rising
Amidst continuous improvement in economic conditions and an increase in consumer confidence and foreign demand, Spanish property sales and prices are rising. After 7 years of tumbling value during the economic crisis, the market has now returned to pre-recession levels. With foreign buyers now accounting for 1 in 5 house sales in Spain, house prices have not only stabilised in most regions, particularly in Barcelona, Madrid and popular coastal areas such as the Costa del Sol, but are also registering healthy increases. House prices in Spain are rising at the third fastest rate in Europe, and with confidence back in the market and demand steadily growing once again it’s inevitable that prices will increase so it is wise to invest now.
Attractive Payment Plans
A rise in the government regulation on banks and lenders has prompted a culture of financial safe practice. Base rates continue to fall in the Eurozone and currently sit at an all-time low, and as a consequence mortgage rates in Spain are now cheaper than ever. In addition, lending by the banks increased by 17% in January 2017 against the previous year demonstrating that Spanish lenders are keen to lend to non-residents and overseas investors.
High Buy-to-Let Potential
Tourism on the Costa del Sol significantly contributes to the profitability of buy-to-let properties. Spain is the third-most visited country in the world with around 70 million annual arrivals as well as a positive potential for further growth, thanks to a current influx of tourists from emerging markets such as China, Brazil and Mexico.
Influx of New-Build, Quality Homes
New homes on the Costa del Sol offer the latest designs, building processes, style and quality. Unlike properties built 15+ years ago, developers now focus on quality rather than quantity. New builds are often characterised by large open-plan living spaces and individually designed floor plans to suit the clients individual needs. They are energy efficient, saving you money in both heating and cooling season and will also be hassle free to rent out given the new laws requiring properties to fulfil strict health and safety requirements.
Investing in a new home, whether it will be a permanent or holiday home, should be an enjoyable milestone in your life, that's why we like to make sure we put in all of the groundwork for you before, during and after the purchase. At Domus Venari, we don't just show you a selection of property listings and price reductions on the Costa del Sol that meet your criteria - we find and lock in the right property for YOU. We have access to every single property available on the market including Bargain Properties and Modern New Developments and coupled with our proven track record of expertise and experience, we pride ourselves in our ability to make your house-hunting experience as smooth and stress-free as possible.