Spain is a preferred destination for Brits buying property abroad. With warm summers, gentle winters, a wealthy historical background and an attractive Mediterranean way of life are just some of the factors that still bring in droves of foreign investors. If you’re thinking about buying a property in Spain being an investment, now is the time for making your choice. Spanish interest rates are lower and property prices are rising gradually. At any given time when Spain’s major airports are predicting a sharp rise in traffic over the next few years, lots of people think that the current pace of development will be unable to maintain rate with all the increased demand for exclusive and vacation accommodation. The result? House prices are arranged to rise even more so it is a great time to invest.
Over the last decade, a growing number of foreigners have taken the plunge by investing in Spanish property (e.g. property for sale in costa blanca south), whether as a vacation home, buy-to-let investment or permanent residence. Nevertheless, due to the economic downturn and global credit crunch, we have seen a recent drop in the number of people purchasing property in Spain and developers and owners alike have had to lower their prices significantly to be able to market any properties at all.
Industry experts predict that reduced interest rates in Europe will help to promote the Spanish and other European property markets. Having much lower rates in interest and extensive governmental pressure on respective banks to improve domestic financing, property markets will start to acquire once again, and people will once more have the ability to fund their dream home in Spain. It has also reasserted itself being a well-known holiday destination that will help the country’s holiday rental market a good deal. There’s also a growth of people looking to purchase in emerging markets outside Spain that has led to a surfeit of unsold properties on the Spanish coasts. However, lately, flights to some promising European locations were cancelled and suddenly these nations are no longer looking like a real great place for property investment.
Meanwhile, property prices in Spain have dropped in an attempt to clear a number of unsold homes, so individuals are now applying this as an opportunity to snap up a bargain and this will still keep on. Many property experts are recommending people to purchase right now while prices are lower, so they can earn money on the property over time as the industry begins to stabilise once again.
Whatever the transforming economic circumstances the underlying explanations why foreign buyers love Spain stay the same. The all-year-round sunshine, easy going the way of life and relatively reduced living costs are still strong draw aspects. The weather solely causes it to be among the preferred locations with 300 days of sunshine every year and average temperatures between 18 and 30 degree Celsius. Additionally, many people who find themselves aiming to retire overseas understand that growing attractions may not have the same quality of healthcare or family culture they see Spain providing them.