Are you thinking about selling property in Spain?
There’s never been a better time to get involved in the Spanish real estate market as a buyer, or to be selling overseas property in Spain.
There are more buyers than sellers in the Spanish property market right now. This means property prices are only headed in one direction: UP! That can’t be a bad thing for those who’re considering selling property in Spain.
Overseas interest is high in Spain. We have a number of wealthy Scandinavians, Chinese, Europeans, Australians and Irish showing interest. Also closely involved are expats from the UK and the USA, who are buyers as well as sellers in Spain.
Indeed, the Spanish real estate market is back to the levels last seen in 2007, just before the housing bubble burst. Economic growth has been particularly strong in Spain, despite the political instability at the centre.
Spain has been one of the most politically turbulent countries in Europe. They struggled to form a government for more than a year. Finally, a government was formed under the leadership of Mariano Rajoy. That didn’t last long as Rajoy has since been replaced by Pedro Sanchez, leader of the Spanish Socialist Party.
Has that made any difference to the property market at all? No! The real estate market has just shrugged and moved on. Home prices have increased at a rate of 7.6 percent in 2017. It’s been even better in 2018.
Leading global rating agency Moody’s said in a recent report on the Spanish property market that things have changed for the better. According to Moody’s, “Low interest rates along with a declining (although still-high) unemployment rate, which declined to 17 percent in 2017 from a record 27 percent in 2013, are supporting housing affordability.
“Moreover, although it is likely that housing sales will exceed 500,000 properties during 2018 for the first time in a decade, this is still far from the nearly one million of annual housing sales before 2007. Construction activity currently is at 40 percent of pre-crisis levels in 2007, partially correcting the oversupply in place before the crisis.”
What’s driving this growth? The massive interest from abroad. Americans, Chinese and Russians are big buyers these days.
There is a huge demand from Scandinavians in particular for properties in Costa del Sol, Costa Blanca and other popular regions in Spain.
Expats from the UK are as busy as ever in the Spanish property market, despite Brexit. Other Europeans are involved as well, Belgians, Italians and the Irish. The Irish have become major, major investors in Spain, almost out of nowhere.
That’s why it’s a good time to be selling property in Spain. Should you be concerned about a possible property bubble? No, but you can always consider selling overseas property to upgrade to a bigger, better and more suitable property in the same country.
Contact us for help with selling overseas property in Spain, or for that matter anywhere in the world.