Spanish Property Sales Growth Continues!
After 5 years of steady growth in the number of residential properties sold throughout Spain, I have decided to take a more positive view of things.
Each month – for the past 5 years that I have sat down to write this column – I have done so with a certain amount of apprehension. Gathering Spanish property market news has been something I approach cautiously – always expecting some kind of downturn in the market. It’s probably some psychological scar I and many other agents bear since the crisis in 2008. Yet month in, month out, I have been reporting positive news here, so it’s time to re-calibrate my market expectations and accept that the recovery is now the ‘new normal’.
The most recent figures released are very encouraging – with healthy growth of 16.3% in resale property sales and a 2.7% increase in property values for the year to date. The recovery has been strong since the end of 2013, but in the past 18 months it has gathered even greater pace, even as prices have edged upwards. This year has been the best so far, at least, for us. There have been so many occasions where we have taken on new property listings and sold them before we have even got around to putting them on our website. Our list of buyers waiting for the right property has grown rapidly, resulting in such a quick turnaround of properties within a few days.
Properties that have stagnated on our listings for several years, (in part, due to price or location), have also begun to attract offers and consequently achieve a sale. Choice is important to buyers and today’s house-hunters are extremely well researched. The feedback we receive from our buying clients is that they are surprised there is so little choice at present. We hear frequent tales of clients missing out on their preferred property simply because it has sold before they could get out to view, or that the owners have accepted a higher offer; all things that were unheard of 3-4 years ago.
As Britain prepares to leave the EU in March next year, we have also encountered many eager buyers who want to expedite their move to Spain and take up residency as soon as possible, just in case there are restrictions or extra bureaucratic obstacles in place post-Brexit. Whilst there is little doubt that some people in the UK have put their Spanish dream on hold until the Brexit dust settles, there are significant numbers of UK buyers getting their move to Spain done now.
Finally, my thanks again for your emails and questions regarding the subjects of my columns. I always enjoy replying and hopefully solving your concerns, so please keep them coming.
Fuente Alamo Real Estate/Murcia Coast & Country
Tel 0034 968 598 173