Bank of Spain: Housing market has bottomed
Sales and Marketing Director of leading Spanish homebuilder Taylor Wimpey España, 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 España 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, albeit at a more reasonable starting price of â¬310,000, in keeping with the current economic climate.
Domestic buyers are also helping to reinvigorate the Spanish real estate market and the combined effect of this with interest from overseas investors has led Banco de España to predict growth of 4.2 per cent for residential investment over the course of this year, followed by growth of 6.6 per cent in 2016.