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Why it could be now or never for Spanish property buyers

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Date: 2014, 11 October

 

Why it could be now or never for Spanish property buyers

If you have been waiting for the optimum moment to finally go and purchase your property in Spain, there are some very interesting arguments that point towards now being the best time for many years to take action.  

Here are the top 6 reasons as to why now IS the right time.

 

 

 

1. Costa Blanca properties now at 2002 prices

When the world banking crisis hit in 2008, prices on the Costa Blanca fell by an average of 35%.  The last two years have seen the market stabilise while the over supply issue was corrected.  We are now seeing prices begin to rise in the coastal areas once more, signalling not only the bottom of the market but also the beginning of a period of price growth.

 
 

2. Strong £ vs €

At the end of 2009 the Pound almost reached parity with the Euro. A strengthening British economy has now boosted the strength of the Pound to an almost 5 year year high at just under €1.28/£1.  

An example €120,000 property
in 2009 would cost a UK buyer £118,811
today in 2014 the same property would be just £93,993

 

 

3. Overseas buyers now driving market growth

Foreign demand for property in Spain increased by an annualised 12 per cent in the second quarter, according to the latest data from the General Council of Notaries. Foreigners now represent a record 20 per cent of home buyers in Spain, and the notaries describe them as the “principal motor of growth” for the Spanish property market

 

4. New build has returned with qualities higher than ever

Some of the most established and respected builders in Europe have responded to the surge in demand for second homes on the Costa Blanca.  An emphasis on modern, high tech and high spec builds never seen before in Spain and offered to the market at attractive prices.  

We are now seeing new developments come to the market at rate not seen since the peak.  Equally as important, over 80% of these developments are sold out prior to completion signalling supply is not outstripping demand.

 

5. A strong UK property market

Spain's reliance on buyer from the UK cannot be underestimated.  The recovery of the Costa Blanca market has to date largely been attributed to buyers from Scandinavia, Belgium and Holland. An improved housing market in the UK means there is not only more confidence generally but also more buyers who are now able to realise their dream of a home in Spain after selling up or downsizing in the UK.  

As Spain's most important customer returns, prices are expected to accelerate sharply.

 

 

6. We are not getting any younger

Even though the statistics and data coming out every day point towards now being the right time to buy from a financial point of view, possibly the most important reason is the need for an improved quality of life.  Whatever the markets do and whatever the data shows, the sun still shines longer, the pace of life remains more relaxed, cost of living is very reasonable and the Costa Blanca is still just over 2 hrs flying time away.

 

So after all these reasons there really is just one question to ask yourself.

 

 

Would the quality of your life improve if you had your own place in the sun?

 

 

if the answer is yes...... Call us or visit our office

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