Spain has left its economic troubles in the past and has entered a new era with seven consecutive quarters of growth.
The improving economy is reflected in the country’s property market, which is attracting a lot of international buyers lately.
UK nationals top the non-Spanish buyer chart, unsurprising given their long-term affection for Spain and the current favourable pound-euro exchange rate, followed by French, Germans, Belgians, Swedes and Russians.
The latest quarterly bulletin issued by the Spanish Council of Registrars showed strong rise (9 per cent) in residential property transactions over the first three months of 2015. Foreign buyers accounted for 12.22 per cent of these transactions, which was 9 per cent higher than in the first quarter of 2014.
Spanish property portal Idealista says the Balearics are amongst the top three Spanish regions for sharp price rises in April.
As reported by Spain’s National Institute of Statistics in April, property loans in the Balearics were up 36.2 per cent in February 2015 over the previous year (way above the national average of 29.2 per cent).
At the end of April, the Bank of Spain confidently declared an end to the property crisis. The bank’s director of studies, José Luis Malo de Molina, said that “the adjustment in the housing sector, in principle, is complete” and “the process of price adjustment, in principle, has already bottomed out”. In short, Spain is now in the business of recovery.
Alejandra Vanoli, managing director of Mallorca Sotheby’s International Realty, comments:
“More sales at higher prices, this is exactly the news we want to hear in the Spanish property market. The Balearic Islands reported some of the lowest house price falls in Spain during the six-year crisis and are now posting the fastest and highest rises. We expected this as the Islands are supported by huge numbers of tourists, a multi-national house buying population – Calvia alone has 19,000 non-Spanish residents from 100 different countries – and a strong appeal to the high-end with luxury hotels, restaurants, beach clubs, golf courses and marinas supporting a growing superyacht industry. This year we are selling more houses than ever and for us in Mallorca, the future is very bright.”
Loading ...