Spanish Property Market Report | Q3 2016. Brexit Brits boost Spain’s “Best Value” holidays and property as record 2 million visitors a month confirm the country as the favourite European destination for sunshine and value for money.
Packed beaches in summer have been extended into November as tourism records reach an all-time high with holidaymakers outnumbering the Spanish resident population. The latest report from the Spanish National Institute of Statistic (INE) also states that one in four visitors (14.4 million) was from the UK – despite a drop in the value of sterling sparked by the country’s decision to quit the EU.
The UK also provides the highest number of Spanish property buyers, attracted by low prices, generous mortgages and the booming tourism private rentals market. There has been a rise of 13% so far this year most of which has been since the June 2016 Brexit vote.
2016 property buyers cite the low cost easy travel, security, sunshine, low local prices, family attractions and culture as the main reasons for their purchase – to which they add the still expanding holiday rentals opportunities that can provide a useful offsetting income.
Spanish banks are still selling off unwanted properties from the recessional years 2007-2014 at peak to present discounts averaging 44%. Developers are back in the marketplace with exciting new-build beachside developments on prime sites in Costa Blanca, Ibiza and Costa del Sol. New-build and off-plan prices are rising at twice the 4% level of the general market. The Costa Calida has the highest number of unsold properties and the lower prices reflect this.
Spanish banks are now offering a wide range of low interest mortgages for international buyers with rate starting at 2.07% APR.
Tourism boosts property sales>>
Spanish property market report Q3 2016 update | Author: Walker Property Spain