The Spanish property market crisis is over. At least that’s what Banco de Espana is saying. Director of Studies José Luis Malo de Molina comments, “The adjustment of the real estate sector is, in principle, complete.”
At the same time, Spain’s GDP has grown for seven consecutive quarters and recently even more than expected: 0.9% in Q1 2015, according to the National Institute of Statistics (INE). Property values are also on the up, increasing by 3.3% in the last year, based on figures from the Sociedad de Tasación Residential Real Estate Trends Report for Q2 2015.
Sales and Marketing Director of leading Spanish homebuilder Taylor Wimpey Espana, comments, “There are pockets of real success in terms of the real estate market in Spain right now, but the picture is far from consistent. It’s still a delicate market and changes in FX rates, along with international politics, are likely to play a big role in how the market is shaped going forward. Buyers are focussing on coastal areas and there is a lot of money coming into Spain from overseas as foreign purchasers look to pick up bargain homes by the sea before prices rise much higher.”
Taylor Wimpey Espana is the driving force behind a number of high profile new developments on the Costa del Sol. Avalon, located in one of the most sought after areas of Marbella, next to the prestigious Los Arqueros Golf course, is a charming residential complex with wide streets, a large communal pool and stunning golf and sea views. The luxury two and three bedroom apartments and penthouses are synonymous with the opulence for which the area is known, though for an extremely reasonable starting price of just €310,000.