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News: Irish property investors should look to Spain for the future


Irish property investors should look to Spain for the future
Written by Inmo Investments - 22 Jan 2018

Where is the best place to buy overseas property in 2018?

The recovery in the Irish property market is nothing less than a miracle.

Just like Spain, the global financial crisis hit Ireland hard in 2007. In previous years government tax incentives were a key driver of property prices forcing residential property values to simply unsustainable levels.

The global recession changed all that, and by mid-2009 it was reported that Irish property nationwide had lost 40% of the value accumulated during the new millenium, forcing thousands of families into negative equity.

Things have changed for the better, and house values in the Emerald Isle recovered at a faster pace than Spanish property prices.

So much so, that in the last financial year Ireland boasted the sixth-fastest growing property market worldwide according the The Global Property Guide, only trailing countries like Iceland and Canada.

But just last week one of Ireland's leading news outlets The Irish Times, reported that while prices are expected to continue to rise through 2018, market analysts are forecasting a decline in the pace of any future increases.

The news comes amid a shrinking mortgage market and following the introduction of strict new lending rules that came in to force at the beginning of 2018.

Spanish property market: new build homes in Punta Prima Spanish property market: modern contemporary designs

Think Spain: Spanish property prices still offer good value

The recovery from the recession may have come to the Spanish property market somewhat later, but predictions for 2018 are positive, with expected property sales and prices both expected to show healthy increases over the next year.

Today, the market stands on the foundations of several years of incrimental price rises and sustained stability, governed by restrained, sensible lending practices.

With a property market in Ireland that shows potential for levelling out mid-term, Spain might be a lucrative choice for savvy Irish overseas property investors looking for an alternative long term investment option.

Property in Spain is comparatively cheaper than most common Mediterranean destinations, and despite the recent rises in property values Spanish properties still offer excellent value in addition to the potential financial benefits associated with property investment.

It is still possible to purchase a modest apartment in Spain for less than 50.000€, and there are still a few bargain new build buys too, with prices starting at around 110.000€.

For those with a more generous budget a villa in Spain might not be out of reach. This detached villa in Algorfa boasts 3 bedrooms, 2 bathrooms and a community pool yet it´s currently on the market for just 114.950€.

By comparison, second homes in France are often considerably more expensive, and even the more prestigious locations on the French Riviera to the south of the country simply cannot offer the same mild winters, long summers, low rainfall, or daily hours of sunshine that the Costa Blanca enjoys every year.

Spanish property market: open plan design with folding glass wall Spanish property market: sea view from a Torrevieja apartment

The Costa Blanca: unbeatable ease of access from Ireland

Additionally, ease of accessability for Irish holiday home owners simply can't be matched, with Ryanair offering low cost direct flights from Dublin to Alicante International Airport year round.

The budget airline offers extended summer season flights from Kerry, Cork, Shannon and Knock, with short travel times under three hours.

Furthermore, Ireland´s flag carrier Aer Lingus, operates year round scheduled flights between Dublin and Alicante airport with a summer service from Cork that begins in May each year.

In just a single day it´s easy to enjoy lunch in Ireland, travel to Spain, and book a table for dinner at a fine-dining restaurant beside the golden shores of the Mediterranean Sea.

Costa Blanca property is a shrewd investment offering potential financial advantages to Irish buyers, with excellent immediate and long term prospects in a rising property market.

It just also happens to be a secure bricks-and-mortar asset that can be enjoyed all year round for years to come.

Start your search for your perfect investment property and holiday home now, click here to browse through our portfolio of high quality property for sale in Spain, or click here to download our latest property magazine.

FURTHER READING ...
> New build property guarantees and home warranties in Spain
> Spanish property sales and prices forecast to continue growth in 2018
> Alicante Province records 12.5% increase in property sales

New build property in Spain

Please note: Inmo Investments is a registered Real Estate agency in Spain. We are not legally qualified solicitors, nor are we qualified to provide legal or financial advice, and this editorial publication is provided for information only based on existing publicly available information. We have taken every reasonable precaution to ensure the accuracy of the information, and the authority of the sources of information at the date of publication.



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