Kyero.com Director, Martin Dell, said “Foreign interest in Spain has been slowly creeping up for a few years, but in the last 12 months we have seen a massive resurgence of purchasers from overseas”.
Last year, foreign buyers were already making up the largest proportion of all home purchases in Spain in history. With property price indices starting to rise and building permits increasing for the first time since 2007, the results are already indicating another record breaking year.
“Not only have prices in Spain bottomed out so far as residential property has concerned, but for British buyers in particular now is the time to buy due to the fantastic exchange rate,” concluded Martin.
According to BBVA Research, Spain’s economic growth prospects and more favourable financing conditions will lead to a new increase in housing sales in 2015.
They have estimated that the return to economic growth, the recovery of the labour market – with the creation of some 425,000 jobs – and improved financing conditions, have encouraged the return of consumer confidence and, as a result, the growth in home sales.
In March, the FT website also reported that “Spanish housing prices rise at fastest rate in 6 years” since the start of the country’s financial crisis, fuelled by a broader economic recovery and increased availability of credit.
They go on to say “Spain has started to recover, emerging as one of the fastest growing economies in Europe. Mariano Rajoy, Spain’s prime minister, last month raised the official government forecast for economic growth this year from 2 per cent to 2.4 per cent.”
Newly built homes in particular seem to experiencing an upsurge in prices, with figures in the second quarter of 2014 increasing by 1.9 percent. Although excellent news, this recovery will have to continue for some time before house prices regain a more than 30 per cent loss in value during the recent economic crisis. » New Build and Spanish Resale Villas in Hondon
Looking to the future it hoped that a sustained increase in housing prices will boost Spain´s struggling construction industry.