Spanish Property Market Records Growth

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Growing stability in the Spanish property market – with some areas now recording price growth – combined with a weak euro are attracting a rising number of British buyers back to the Spanish Costas in 2015, said in May.

“Statistics from the widely recognised TINSA index in Spain show that average property prices in the Mediterranean coastal areas, typically tourist resorts where foreigners buy, are up since the end of 2014,” said Elaine Ferguson, Head of the Spain Buying Guide Resource Centre. “A feeling of not wanting to miss the boat before prices begin rising steadily is evident when we speak to people, especially with sterling remaining strong – a trend that could change in the future.

“Also noteworthy is the speed with which we are seeing people – often first time visitors – visit a resort, find and commit to a property in Spain. We speak to clients who have put down a deposit for an apartment or townhouse during not only their first viewing trip, but sometimes their first ever visit to the Costa Blanca or Costa del Sol.”

Marbella, a popular area with overseas buyers is building on a property market recovery that began in 2013 despite Spanish buyers failing to return in any significant number in 2014 and the Ukraine crisis impacting on the number of Russian buyers.

There was strong demand from an increasingly diversified client base of Scandinavian, Benelux, French, Arabian and Moroccan buyers which added to the record tourist numbers lending a certain buoyancy to the local economy. Barcelona and the Balearic Islands, where small price rises have also been recorded in recent months, overseas buyers are helping to create a mild sense of optimism.