According to the latest research by property consultants JLL, investment for the year so far has almost overtaken the amount ploughed into Spanish real estate for the whole of 2016.
In fact, the market looks set to exceed this total in the near future, as experts are predicting a further rise in the number of tourists visiting Spain. Reports from the Mediterranean Resort & Hotel Estate Forum claim that the Mediterranean region will receive 420m tourists by 2020, with Spain being the most popular destination.
In terms of when sales of Spanish property have risen in 2017, it’s no surprise that the market saw a marked increase during August – the height of the summer holiday season. the latest data from the National Institute of Statistics (INE) reveals that Spanish property sales were up by 17% this August compared with the same month last year.
In line with INE figures, Spain’s leading housebuilder, Taylor Wimpey España, also witnessed a rise in reservations for properties over the summer. The company’s latest report shows the highest number of reservations taken between June and September for the last six years, with enquiries up by 13% on 2016.
Marc Pritchard, the Sales and Marketing Director of the firm, says: “The latest INE data confirms our confidence in Spain’s real estate market, and we believe that this growing interest in Spanish property will continue throughout 2018. This summer has been very positive for us, with the market attracting a wide range of buyers, and we see no signs of this slowing over the coming winter months.”
After a period of uncertainty, buyers from the UK wanting to relocate or invest in a home abroad are flocking to Spain once more in significant numbers, with British reservations for Taylor Wimpey España’s properties up by 92% alone compared to last summer.
The Costa Blanca has seen the most growth this year, with buyers from more than 20 different international markets. Indeed, as Spain’s property market has recovered, it is now appealing to a wider group of buyers and, while Britons are the most significant buyers, they are now competing with those from Scandinavia, Russia, Belgium and other Northern European countries.
The Panorama Mar development in Torrevieja, which has been in high demand this summer, is a strong example. Amongst its buyers, 23% are Russian, 20% are Scandinavian and 7% are Belgian.
Pritchard adds: “Europeans enjoy the friendly atmosphere on our Costa Blanca developments, because the site encourages international buyers to appreciate the Mediterranean lifestyle and gorgeous weather in the favourable communal areas. This, combined with easy, direct and regular flight access into Alicante makes this region a popular choice with our European clients.”
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