Spain’s property market is expanding rapidly once more, with the latest figures from the Spanish notaries showing a 19% year on year jump in the number of properties sold there during 2014. Prices are on the up too, with the Ministry of Public Works reporting a rise of 0.5% in Q4 2014, the first uptick in the market since 2008.
The positive movement in the market looks set to continue, with KPMG predicting that the number of jobs in the Spanish property sector will rise from the current level of 7% to reach 10% or workers by 2020. Marc Pritchard, Sales and Marketing Director of leading Spanish homebuilder Taylor Wimpey España, certainly believes that will be the case. He comments,
“We’re seeing property employment rise across Spain right now. Taylor Wimpey España has taken on six new employees in the last few weeks alone and the expanding property market should see additional increases in jobs over the course of 2015 and beyond. Right now, foreign demand for Spanish property is soaring and employment in hotspots like Mallorca is increasingly rapidly as a result.”
Property in Mallorca is so popular with overseas buyers that the Association of Property Registrars in the Balearics has reported a tripling in the number of foreign-bought homes, with 30.7% of homes sold in the islands picked up by non-Spanish buyers. And it is the luxury end of the market that is attracting keen interest, with 15% of purchases topping €500,000 (compared with a Spanish average of just 5%). Wealthy foreigners have taken such an interest in the island that the president of Mallorca’s marketing board has proclaimed the airport didn’t have room for any more private jets last year!
Figures from Taylor Wimpey España show that it is German buyers who are taking a keen interest in Mallorca, with a cumulative increase of 200% so far in 2015. The exclusive Camp de Mar Beach development at Puerto Andratx, where two and three bedroom townhouses are set in lush communal gardens with a large modern swimming pool, is one of the island’s most exciting developments, with buyers able to personalize their purchase in order to create their dream home. Prices start from €377,000.
Dutch buyers are also a key market for Mallorca over the months and years ahead, having grown significantly in number over the last two years, so much so in fact that Taylor Wimpey España has just launched a Dutch language version of its website.
Of course Mallorca also remains popular with British buyers and the forthcoming Pensions Freedom Day is expected to make it even more so, as Marc Pritchard concludes,
“Mallorca has long been a popular location for British buyers wanting second homes due to the island’s fantastic climate, stunning scenery and the wide range of sailing and water based activities available here. With Pensions Freedom Day on the horizon, we expect that even more Brits will look to use their pension monies early to purchase their dream holiday home in this island paradise.”
For more information, please contact Taylor Wimpey España today on 08000 121 020 or visit www.taylorwimpeyspain.com. Those residing outside of the UK should call 0034 971 70 69 72.
