Spanish Property Market Report | Q4 2016. Brexit Boom boost for Spain’s tourist drove arrivals to an all-time record in 2016. Brits arrived in their favourite holiday destination at an average rate of 1.5M a month – a year on year increase of more than 12%.
2016 saw morethan 18 million Brits – a quarter of the UK population – choose Spain for their holidays. This helped to increase visitor arrivals to over 72 million, which is one and a half times the resident population. In the last two months of 2016 more than 5 million foreign visitors arrived in Spain, according to the National Institute of Statistics (INE) based on data gathered by the Tourist Movement Across Borders Survey (FRONTUR).
The figures reflect the booming UK economy since the referendum vote to leave the EU. Latest figures show all the important sectors of the UK economy are buoyant and booming, with major retailers reporting Christmas sales increases as British families continued their post referendum confidence.
The record number of tourists has helped property sales during 2016 with no obvious slow-down in the post Brexit half year. This is the case in the Canary Islands were it is currently the peak holiday season. But the property sales season for the rest of Spain is already underway with viewing appointments and flights fixed through to Easter.
100% mortgages in Costa del Sol.
There are shortages of well priced quality apartments in Costa del Sol after ongoing demand in 2016 swept up the best of the bank-owned deals, but there are six developments of brand-new apartments and penthouses still on the market that have 100% mortgage deals available through Walker Property Spain. They would make ideal holiday rental apartments.
The Costa Calida still offers the best bargains – with new bank-owned apartments on sale for under EUR 25,000 – while prices in prime locations on the neighbouring Costa Blanca are on the increase. Sellers, including Spanish banks, are likely to continue to adjust asking prices to take account of the fall in value of Sterling and other currencies.
A few major Spanish banks have good offers aimed at investor groups with EUR 1 million to EUR 10 million available for uncompleted developments that can have value added by completion or upgrading shared amenities or individual properties. US-based investment companies have led the way in the Marbella residential market – some grossing 25%-30% on their purchases when returned to the open market.
Spanish property market report Q4 2016 update | Author: Walker Property Spain