According to the headlines, the Spanish property market has bounced back. The latest figures from the Association of Property Registrars show a 5.12% increase in Spanish house prices in the year to June 2015. The jump is the fastest rate of increase since the downturn, with a quarter on quarter rise of 2.8%.
So should buyers rush to Spain in search of that dream holiday home or investment property´ It depends on the area, counsels Marc Pritchard, Sales and Marketing Director of Spanish homebuilder Taylor Wimpey España.
„There are vast differences across Spain in terms of the property market's recovery,“ he explains. „Some areas, particularly coastal resorts that are popular with foreign buyers, are showing a marked recovery in prices and a really healthy market. Other regions are still struggling to turn their markets around though, so you need to do your homework regarding where to buy.“
While prices nationally remain some 29% below the market's former peak, areas like the Costa Blanca are enjoying steady and sustained progress.
„Right now, if it's a stable market that you are after in Spain then the Costa Blanca is looking particularly attractive,“ continues Marc. „The market there has picked up pace beautifully over the course of the past year and confidence has really returned to the local property sector. Coastal areas are definitely the place to buy at the moment, but the confidence is spreading slowly across the rest of the country.“
That confidence is reflected in recent sales figures. According to the Association of Property Registrars, some 87,187 property purchases were registered during April, May and June. The figure represents an increase of 11.1% compared to a year previously.
Source: Property Magazine