Spanish property market sees new life
The latest good news to emerge from Spain this week came in the shape of new figures released by the Spanish government which show that the troubled property market is now starting to show signs of life after a protracted slumber. Data released by the Ministry of Public Works and Transport report that in 2010 the number of real estate transactions was 491,000 – up almost 6% on the previous year. In fact the fourth quarter of 2010 has been the most successful period since the Spanish crisis began in 2008 with growth up by 14% in that period.
Across the whole country, 11 different regions have reported growth in apartment and house sales, with the Basque region showing the most dramatic growth. The Costa Blanca region experienced growth of around 7% and while the Andalucía region remained slightly down, this area is still the most popular real estate location in the country, accounting for around 88,000 sales.
This recent good news has been backed up by Lloyds TSB international who indicate that many investors who have delayed buying overseas property during the recession may now be looking to enter the market again due to significantly reduced prices and a renewed confidence in the market. With prices dropped by almost 40% in some areas, it appears the wait and see strategy is turning into more of an act now philosophy.
“Key markets that were over-heated in 2007, like parts of Spain and the US, are now buyer’s markets with many heavily discounted deals available,” said Barry Luhmann, head of lending at Lloyds TSB International.
“Many people preferred to wait and see how the markets and their finances would be affected by the recession, but after this recent lull in activity we expect interest in overseas property to return, possibly quite strongly, as the economy improves. Indeed, there are already signs that interest is picking up.
“All of our market research points to the fact that many people in Britain still aspire to buying an overseas property, but a lack of confidence in personal finances and property market stability is holding them back for the time being.”
Meanwhile, Spain is also bracing itself for a dramatic upturn in tourism this year as budget holiday seekers shy away from recent revolutions in Egypt and Tunisia and start returning to the calmer waters of Spain.
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