Why Buying Property in Spain Makes Sense

In terms of the British love affair with Spain in light of the fact that the property focused media has turned its collective attentions firmly elsewhere, (anywhere elsewhere it seems), it’s not abating!  Of the 1.3 million British retirees living abroad 74,000 of them live in Spain for example, and of all the destinations in the world in which we could holiday Spain is still our number one choice it seems.

These factors and many more are why buying property in Spain makes sense - and if you’re in two minds about whether to make a Spanish property purchase at this time, in this article we’ll give you plenty of food for thought so that you can make your buying decision accordingly.

The very latest data available from the Halifax building society about local and European property markets reveals that of all the markets in Europe, Spain has been the strongest for the past five years. 

Discounting the UK, according to the Halifax Spain has witnessed the strongest gains in terms of property price increase percentages of all Eurozone locations and over the past five years the average value of a home has doubled.

This is simply because there is consistent demand for property in Spain and there are strong affordability factors positively influencing the market: -

-  In the main holiday destinations investors fuel the property price fire because they are well aware of the rental potential of well located real estate stock that comes with an excellent array of amenities and features on its doorstep. 
-  In the most popular and beautiful coastal locations international buyers of second homes, new homes and retirement homes bring fresh capital to the real estate economy.
-  And in Spain’s most affluent cities there is strong local and international demand as well as wealth supporting house price appreciation.

All of these factors mean the following – there is consistent demand for property in Spain, there is a fresh supply of external demand annually, the property economy is not wholly reliant on local affordability factors, and both investors as well as home seekers fight for Spanish property making the residential real estate market all the more active.

If these factors are not sufficient evidence about why buying property in Spain makes sense you might like to know that there has finally been a significant crack down on the rouge trader element that has in the past damaged the reputation of the Spanish property marketplace.  The Spanish authorities are finally taking significant steps to stamp out malpractice in a largely unregulated market and they recently arrested a mortgage broker believed to be behind many scams to relieve would be buyers of upfront fees for bogus mortgage applications.

If you do need or want a mortgage to buy property in Spain you needn’t fear unregulated brokers – all you need to do is remember that the likes of Barclays Bank have a presence in the Spanish mortgage marketplace and you can get advice, quotations and support from them.

Finally, if you’re looking for Spanish property for sale, ensure you do plenty of due diligence into the locations that best suit your real estate requirements.