With mortgage approvals jumping by more than 20 per cent in 2018, international investors appetite for Spanish property rising and a buoyant economy, the country’s real estate market is now increasingly attractive.
Transactions rose by 11 per cent in 2018, according to figures from the Spanish National Institute of Statistics, with overseas buyers accounting for 12 per cent of sales, compared with just 4 per cent in 2009. Prices rise by 8 per cent during the year, though they are still below their 2010 level, meaning that investors can still expect good value.
“These trends will continue during 2019, with the biggest demand for homes continuing to be in city centres and desirable coastal second home destinations,” said local expert Rod Jamieson. In Barcelona, the outlook is especially positive, he argues. “Confidence continues to grow, especially among international investors. As exclusive world class new developments become available in prime areas, we expect the results to be promising. Demand for investing in Spain on a global scale is growing consistently and Barcelona will continue to benefit from this.”
Interest rates remain relatively modest and Spain represents a “safe and attractive investment option,” says Jamieson.
Although demand from British buyers has been muted in recent months, due to Brexit-related uncertainty and the low pound, their place has been taken by Scandinavians, Belgians, Dutch and buyers from the Middle East.