After a turbulent few years in the eye of the euro zone storm, Spain appears to be making a turnaround at last. The economy is showing signs of recovery, tourist numbers are up, and after years of plummeting house prices, experts are predicting increases in 2015, with the cost of property in some areas rising already.
According to Spain’s National Statistics Institute, residential property prices climbed by 1.8% in the fourth quarter of 2014 compared with the same period a year earlier – the sharpest quarterly rise since the first three months of 2008.
“It was only a few years ago that the Spanish property market was shrouded in doom and gloom. Dogged by oversupply and plunging prices, many investors were giving it a wide berth. Fast forward to 2015, however, and things are looking much rosier.
Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it’s most certainly a buyer’s market. This together with historically low interest rates and the growing strength of the pound is making it much more affordable to buy there, and signs that the market is improving are starting to lift the confidence of prospective buyers.”