Despite of what you might have heard, it’s time to get serious about buying property on the Costa del Sol
The recent UK referendum sent shockwaves throughout Europe, particularly amongst the many Brits who enjoy regular holidays in Europe and dream of buying a holiday home in Marbella. The Costa del Sol has always been a favourite hotspot for British tourists, many of whom go on to become property owners and now that the dust has settled the dream lives on. In fact, we are delighted to report that property sales are running at their highest level in five years.
Why people will always want to buy property on the Costa del Sol
If there is one thing that is certain it’s the statistics. Right now, residential construction is coming back to life in Spain. Foreign investments in Spain have helped fuel the property market on the Costa del Sol and the entire country in general. The economy is even swinging back. The demand for luxury properties in Marbella is growing and in total, construction and real estate accounted for more than a third of the nearly 22 billion euros of foreign investment in Spain. That’s something worth paying attention too.
The Costa del Sol’s property sector continues to flourish (despite Brexit). Buying property on the Costa del Sol remains the same for foreign investors, which includes Brits. If you want that second home here in Spain, now is the time to buy it. Prices remain highly competitive, mortgages are at an all time low with fixed rates being offered for the mortgage term, this coupled with the threat of terrorism in alternative vacation destinations has driven demand for owning a second home in Spain to an all time high since 2009.
Full property market recovery in Spain
With Spanish property sales, running at its highest levels in five years. During the month of June, there was a total of 36,856 property transactions registered, which is 19.4% more than June last year. Property sales are expected to continue the, growing trend considering the rise is demonstrated by the year to date totals. The property market in Spain is on the rise and there is no better time to buy. Despite the fall in the buying power of the pound, the British buyer can easily recoup this with the year on year capital growth we have seen over the past 5 years.
What’s even better is you can see all of the lively activity for yourself, when visiting the Costa del Sol. Just look around the next time you are here and you will see the construction buzzing around, new developments being advertised, and new urbanisations opening up for business. Construction is a clear indication that things are getting better when it comes to property on the Costa del Sol. Even the banks are approving mortgages at record amounts since 2008. The Coast has never felt so vibrant; foreigners are arriving by the hoards for the summer months to enjoy vast entertainment options the coast has to offer.
UK buyers account for a significant percentage of property sales in Spain and make no mistake Spain still represents value for money especially with the low mortgage rates currently available even for non-residents.
So the question is what are you waiting for? Isn’t it time you thought about buying a property in Spain? To see some of our personal property recommendations please click here.