Spanish Property Market Report | Q2 2015 indicates demand at peak year levels
Demand for Spanish property is fast approaching the levels of peak year 2007 as buyers from across the world realise the market has bottomed out and that now is the right time to grab a bargain.
Spanish banks, who have repossessed second home developments in all the most popular Costas, have been selling off brand-new, key ready apartments and villas at peak to present discounts averaging 44%. In this second quarter of the year there are still bargains around, but prices are rising – by 10% in the case of one bank.
US and Middle East funds are taking on property portfolios from Spanish banks and remodelling and remarketing prime location condominiums at premium prices – 30% higher in some cases.
International brokers, Walker Property Spain have quality new homes from Spanish banks and from new American consortia. These are risk-free, fully legal and ready for inspection by cosmopolitan buyers.
2015 could be the last year for outstanding property bargains. The Savings Banks Foundation (Funcas in Spanish) sees signs that property is making a comeback as an economic driver: In February 2015 nearly one in three new jobs in Spain was in construction.
Developers are back in business, so there will be new options in off-plan purchase this year for international buyers who have already snapped up 13% of Spain’s bank-owned key ready property. The best locations sell first… what’s left is…what’s left!
Spanish property market report 2015 | Author: Walker Property Spain