After a full year of growing demand in 2015 – coupled with stable prices and a strong pound – it looks like 2016 is set to continue the upward trend in Spanish property sales.
Overseas buyers are now an important segment in the market and increasing quarter on quarter, the UK makes up over 20% of the foreign buyers sector. This is good news for all British property owners in Spain as it is more likely you will sell your property to a British buyer in 2016. Demand is also increasing from northern Europe and Scandinavia as well as investment companies in North America. The banks are steadily disposing of their repossessed stocks and showing very serious interest in offering new mortgages. Also in 2015 the Spanish economy turned a corner with quite impressive growth in the jobs market, exports and GDP.
Builders and developers had an impressive year and this has encouraged them to invest in new developments soon to be announced throughout the Murcia region and the Costa Blanca. Gone are the days when large developments like Polaris World resorts were appearing everywhere and in the middle of nowhere. Today’s projects are usually much smaller in size and ambition. Instead of 5,000-10,000 home developments, we’re seeing 5/10/20 home projects in more desirable coastal locations, indicating that although confidence is returning, we are still a very long way from those heady days of 2005/6/7!
At the time of writing this column, we still don’t know the outcome of the Spanish general election (20th Dec). However, the polls are suggesting a possible small win for the current government, or a coalition-type government with a 2nd party that is pro-business. This will give the growing economy stability and encourage more confidence in the property market, so all things considered, the New Year is looking likely to be even better than the last.
We would like to take this opportunity to wish everyone a Healthy and Prosperous New Year.
Fuente Alamo Real Estate/Murcia Coast & Country Properties
Tel 0034 968 598 173