Q&A – is now the right time to put pounds into property in Spain?
Leading Spanish homebuilder Taylor Wimpey España launched two new developments this month – exclusive, frontline marina apartments at Pier 1 at the Marina de Sotogrande and prime golf properties at Kiruna Hills at the Alenda Golf Club.
Meanwhile, parent company Taylor Wimpey has just completed a capital raise of £522 million, providing a solid foundation for future growth.
Property Investor Today recently caught up with Marc Pritchard, sales and marketing director at Taylor Wimpey España, to find out why now is the right time to put pounds into property in Spain.
How will the recent news of Spain being removed from the quarantine exemption list affect the country’s property market?
While the quarantine news is unfortunate for those who have already traveled to Spain or plan to do so in the near future, I think we will increasingly have to get used to these kinds of rapid lockdowns and quarantines between countries as the world continues to battle the ongoing impact of the Covid-19 pandemic.
This does not alter the fundamental advantages of owning a second home in Spain. It’s just a part of finding our collective feet as we establish the ‘new normal.’
Why is now such an exciting time to be building new homes in Spain?
Spain’s property market has been impacted by the Covid-19 pandemic, just like markets around the world. However, the impact has not been even. We’ve seen Q1 2020 second-hand property prices rise by 2.7% year-on-year, which reflects the market slowing down as the coronavirus took hold.
However, new-build property prices during Q1 were up by 6.1% year-on-year. The difference between the two is a clear signal that institutional investors still have plenty of interest in Spain.