Tuesday, 10 March 2015

Increased sales and upward pricing is good news for property in Spain

The last couple of days have seen two bits of good news coming out of Spain.

The first is that for yet another month the sale of Spanish Homes increased in January as reported by Land Registry.

Whilst overall property transfers were down, in the key market of sale of homes there was a 9.6% increase from the same month of the previous year.

Resales versus new builds

Resales once lagging well behind the sales of off plan new builds made up 70% plus of all sales. This is good news for individual owners and sellers in Spain.

Regionally the traditional holiday and tourist areas in general performed better than the Cities and Towns with the Canaries outperforming everywhere else.

At the same time as sales are on the up 2014 eneded with the first grwoth on prices since 2007.

Price increases were small and not across the whole of Spain but we are now seeing real signs that the bottom of the market has been reached and that slowly but surely sales will increase and prices will stop falling.

Buying in Spain

For those who wish to own a property in Spain 2015 may be a good year to buy. Prices have bottomed out and exchange rates are currently very good when compared with this time last year.

Mortgage availibilty is increasing and rates are coming down marginally. We are not going to see a masive explosion but all the indications are that 2015 will be an improvement on 2014 when considering the sales of Real Estate. 

Approach the recovery with caution

Despite this recovery there remains a great deal of property available and buyers should not be pannicked into buying without taking the necessary steps to ensure the security of their money. Contracting before commiting to a purchase quality lawyer services is still as important now as it has ever been.


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