The Spanish property market and buying process
For much of the Noughties, Spain experienced strong economic prosperity and the housing market flourished, with Brits migrating to the country in their droves. But the Spanish property market has gone through a turbulent period in recent years, mirroring the state of the Spanish economy, with prices having plummeted nationwide due to the economic downturn and a chronic oversupply of properties caused by excessive housebuilding, presenting Britons with a once-in-a-lifetime opportunity to purchase property in Spain at rock-bottom prices.
However, with market conditions now improving as the country embarks on the long road to recovery, and with Sterling also performing well versus the Euro, now really is an ideal time to negotiate a bargain-basement Spanish property purchase. That’ll explain why the sale of Spanish homes to international purchasers is rapidly increasing, according to the Spanish National Statistics Institute (INE), as a growing number of buyers flock back to Spain for real estate with a view to snapping up the best value homes Spain has seen for than a decade.
Marc Pritchard, sales and marketing director for leading Spanish housebuilder, Taylor Wimpey España, comments: “More buyers are taking advantage of favourable exchange rates and reduced Spanish house prices to purchase their dream second home abroad.”
Moreover, for the first time in several years, domestic demand in Spain is also beginning to gather pace.
“We are very confident in the Spanish market going forward and are moving ahead with the development of a number of our Spanish sites,” adds Javier Ballester, also of Taylor Wimpey España.