Sales and Enquiries Significantly up in 2018?
This time last year, we were anticipating a mini-dip in sales as the UK formally began its withdrawal from the EU via Article 50 invocation. We were braced for the worst and to be honest there was a flat period in early Spring. However, it was short lived and the market picked up with quite healthy growth, despite a drop in British buyers, but, things have changed dramatically this year.
We have experienced an astonishing number of enquiries and viewings throughout March, resulting in the best 1st sales quarter since 2007. This looks set to continue for April and early May. Inevitably, when there is a sustained period of sales, this creates a looming shortage of properties to market. These challenges are common and can happen quickly throughout the year.
It is important that if you are considering reducing the price of your property (due to lack of interest) that is already on the market, now is a good time to do so due to the demand currently prevailing. Likewise, if you wish to take advantage of current market conditions, there is no time to delay in putting your property with an agent to give yourself a good chance of an early sale.
The Changing Market – Buyers are getting younger!
A large proportion of Spanish property buyers from overseas have historically been of retirement age. This is understandable due to their amassed wealth (over a working life) and the fact they are largely free of work demands and debt, but in recent times we have noticed buyers are getting younger. A new generation of mobile 30 and 40 somethings have emerged. In most cases they are able to carry on earning, due to being able to travel back to their home country to work on flexible hours, or simply they could be self-employed or in a position to carry out their business activities via the internet and cheaper telephony.
This new generation of buyers is not a passing trend. Times have changed since the rise of the internet. Yes, some of these new-generation buyers will need a mortgage and may be in a property chain to sell their home back in the UK or elsewhere, but we must anticipate their continued growth and possibly in the near future, their growing share of the buyer’s market.
Fuente Alamo Real Estate/Murcia Coast & Country
Tel 0034 968 598 173