News: Spanish property market continues to surge

The Latest Spanish property market report: Q2 July 2016, Spain
Written by Inmo Investments - 7 Jul 2016

Spanish property market report: Q2 July 2016

It has been a busy last few months with strong sales in all areas of the Costa Blanca. We have experienced a growing demand across all price bands with value-driven buyers looking to maximise on their investment, with an increased interest in properties which might suit use as a holiday or second home.

The sustained and continuous improvement in economic conditions in Spain, and the ongoing problems in Eastern Mediterranean European countries, continue to make Spain an attractive place for second home owners and property investors alike.

Fresh figures from Spanish independent property valuation firm Tinsa, reveal that the average price of a home in Spain rose by 0.8% year-on-year during the second fiscal quarter of 2016, thanks in part to a rise in the number of foreign buyers acquiring property in Spain.

This is the third quarter in a row to show annual growth in Spanish property prices. But despite improving market conditions, Spanish property prices remain significantly below pre-crash levels continuing to offer great value, with the average price of a property in Spain 41% below the market high of 2007.

Global research and credit rating specialist Moody´s echo the positive outlook, reporting that they expect Spanish property prices to increase nationwide by 5.0% over the course of 2016, as a result of the continuing recovery of the Spanish real estate sector, driven by better economic conditions and the lowest mortgage rates since 2011.

And just a few days ago, Property Wire reported on the influx of non-EU buyers from Latin America and the Middle Eastern countries, keen to snap-up prime Spanish investment property nationwide, with some North European property markets traditionally favoured by big investors dogged by financial insecurity.

With Spain´s economy predicted to grow by 2.6% this year (more than Germany and the United Kingdom), and with a record-breaking year for the tourist industry in Spain already underway, we expect a sustained increase in demand for Spanish property throughout the year.

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