After the Spanish property bubble burst in 2008 the market has been trying to recover ever since and many people, especially the British, have been put off buying here for various reasons.
However during 2011, despite the current state of the Eurozone and the obvious problems with the property market, buyers from all over the world keep returning their attention back to Spain.
So is it possible that things could be looking up for the Spanish property market for 2012?
Let’s take a look at interesting some facts:
- Recent data from the Bank of Spain shows that the number of foreign buyers rose by almost 28% in Q3 of 2011 compared to 2010.
- It was reported by the Spanish Ministry of Housing that the amount of property transactions by foreign buyers has now reached 2005 levels. You can view this report here.
After a turbulent few years for the Spanish property market, it’s great news that things are finally on the up and buyers are looking to invest again. The slow market and low tax rates means prices are low enough to appear safe for buyers and they are reaping the benefits. They are also aware that there are no ‘safe’ alternatives elsewhere, so if they want a property in Spain they may as well buy now and invest while the economy is still flat.
2012 looks set to be good year for Spain, the tourism industry and the recovering property market. If you are interested in buying property on the Costa del Sol and would like more advice, call our office on 0208-123-5853 or 952-839-595. Alternatively you can view our list of properties for sale in Spain on the website.
Tags: buying property in Spain, buying property on the Costa del Sol, Spanish property news
