Are you planning to sell your property in Spain fast? Then you may want to read this article, we bring you the latest news and analysis from the Spanish real estate market and foreign investment into the country. Here are a few tips and hints for 2023.
IMF forecasts impressive economic improvement for Spain in 2023
Things are certainly looking up for the Spanish economy. The International Monetary Fund (IMF) has upgraded Spain’s economic outlook for 2023 because of the massive business generated by Spain’s tourism sector, fast-growing domestic consumer demand and aggressive expansion in the export market.
According to the IMF, Spain’s economy is expected to rise by 3.1% this year, compared to 2.6% in 2021. The IMF says that the best is yet to come for Spain as the tourism industry is set to see record revenues in 2023. Confidence is very high, unemployment has hit a 10-year low and the economic momentum is strong.
10% increase in property sales predicted for Spain in 2023
Property experts in Spain are unanimous that 2023 will prove to be the best year for the housing market here since the peak of 2007. An increase in property sales of 10 percent has been predicted. The Spanish bank BBVA predicts that more than 500,000 Spanish homes will be sold in 2023.
Home prices in Spain are expected to increase by 3% this year, and the price-per-square-metre is predicted to reach €1,570. This is similar to the levels last reached in 2004. Home prices in Barcelona, Madrid and Costa del Sol have been rising much faster than the average. This is amazing news indeed, for those who want to buy property in Spain online. There are few investments in the world that look more profitable today than a house, apartment or villa in Spain.
Average Spanish property prices were 2.3% higher this June than last year
Data obtained from the valuation firm Tinsa show that the average selling price in Spain this June was 2.3 % higher than in the June of last year. Home prices in the major regional capitals have actually increased by 4.2%, while that on the Mediterranean coastline has been up by 2.4%.
In some places such as the Canary Islands, property prices have risen the sharpest over this period by 7.2 %. The biggest reason attributed for this massive increase in home prices is the soaring demand from foreign investors for properties in Spain. We discuss that next.
Foreign investment in Spanish property is up by 100% in one year
The data available to us shows that foreign investors have bought twice as many properties in Spain as they did last year. Overseas investment from British, Chinese, German, French, Italian, Swedish, and Russian buyers is up by a long way since 2019.
13.2 % of all properties sold in Spain in 2019 were purchased by foreign investors. This represents a new record on foreign ownership. Britons accounted for 19 % of property purchases by foreign nationals, despite Brexit. They were followed by French, German, and Swedish buyers.