Just in case you are contemplating buying a property in Spain and the fabulous climate and outdoors lifestyle hasn’t quite made your mind up, here are five reasons 2018 is a great time to buy property in Spain.
High quality homes
Buying off plan quite often includes financial incentives and reserving a property in the early stages means you often buy at below market price and can personalize certain aspects of the property.
Buyers entering the market now are finding an amazing number of new projects for sale of a substantially higher quality than in the past. A more sophisticated, experienced and caring developer has arrived. Developers with projects underway are enjoying much more interest from buyers and substantial success in sales as a result. Buyers are finally receiving an increasingly broad choice of top end properties with an incredible range of luxury features, prices and locations.
Improved economic climate
When you invest in a country you need to be sure the economy is improving and the outlook in Spain is looking sunny in more ways than one. As of April 2017, Spain has shown 14 consecutive quarters of growth. The economy has recovered well since the government implemented a series of reforms including overhauling the banking system and reforming the labour market. Growth remains much higher than that in the Eurozone overall, thanks to thriving tourism and exports.
Attractive borrowing rates
Increasing government regulation of financial institutions and more effective regulations on banks and lenders has prompted a culture of financial safe practice. Base rates continue to fall in the Eurozone and currently sit at an all-time low and as a consequence mortgage rates in Spain are now cheaper than ever. In addition, lending by the banks increased by 17% in January 2017 against the previous year demonstrating that Spanish lenders are keen to lend to non-residents and overseas investors.
Increasing property prices
Spanish property sales are rising. After 7 years of falling house prices, the market has now returned to pre-recession levels and banks are predicting record property sales in the coming year. With confidence back in the market and demand steadily growing once again it’s inevitable that prices will increase so it is wise to invest right now.
Great rental income potential
If you are considering renting out your property in Spain, the unique micro-climate pretty much assures you of a return on your investment. The Costa del Sol is back in full popularity offering a charming mix of climate, fun, luxury living and affordability. With more than 80 golf courses in the region that alone draws tourists with short breaks and of course families love the and stunning beaches.
Make 2018 the year you buy in Spain. Talk to one of our multilingual team today to see how we can find the home of your dreams.