We have talked a lot about the real estate scenario in Spain, and it is fair to say that the picture has never looked better or brighter. This is a good time to sell property in Spain online as prices are on the ascendency. You should be able to get a great value for your property.
This is much different from how things were only a few years ago. Only as recently as in 2017, the Spanish banks were under a lot of pressure, and were struggling to sell off the properties they had foreclosed after their customers defaulted.
Far too many people defaulted on their home loans across Spain, which led to a glut of homes and apartments on the market, which drove down the prices for everyone. Things were pretty desperate back then. Fortunately, things started taking a turn for the better in 2018.
2022 was a good year and 2023 has been even better. Home sales were up by 19% so far in 2023. The Spanish market is certainly back and how.
The fact that the political situation in Spain has been settled with a stable government in power under the leadership of the Prime Minister has certainly helped. For far too long, Spain has struggled because of a political vacuum at the top, which impeded the flow of decision making. That’s not the case anymore.
Things are happening and big decisions are being taken, such as the new law which compensates foreign homebuyers who lost their money on investment made on off plan properties during the economic recession because developers became bankrupt and the construction was left incomplete.
There are good things happening like that everywhere in Spain. Sure, there have been a few blips in the market. Brexit was one. The June 23 vote resulted in many Britons putting off their plans to buy property in Spain online. In fact Britons began selling property in spain in record numbers because of Brexit.
Britons are traditionally the biggest buyers of properties in Spain, especially in regions such as Costa del Sol, Canary Islands and Valencia. So any decline in the British interest hits the property market as a whole. However, the good news is that other overseas investors are picking up where the British left off.
The German interest in Spanish properties for example, has shot up by over 26 percent in the last 12 months. Scandinavians – Swedes and Norwegians – remain big buyers of Spanish villas and apartments.
A new trend is the emergence of super wealthy investors from the Middle East, including from Israel, who have been investing in Spanish real estate in a big way. Chinese and Russian buyers continue to remain invested in a big way as well. The Chinese interest in particular has been on the rise.
Among the regions in Spain home sales in the Balearics were up by 40%; in Cantabria up by 40%, in Tarragona and Costa Dorada up by 35%; in Barcelona an increase of 36%, and in Costa Brava up by as much as 28%.