Essential Estates, one of Spain's leading Estate Agencies, is pleased to present this update on the current Spanish property market. Spain's unparalleled infrastructure and mature tourism market continue to fuel a maturing property investment market. From the Costa Calida down to the Costa del Sol, Essential Estates can recommend the best and safest investment property available today. Call us for a detailed one-to-one analysis of the market according to your requirements and goals.
With the summer months approaching, an increasing number of Brits will be toying with the idea of splashing out on an investment property in Spain.
Spain now accounts for 27 per cent of all of the overseas second homes owned by Brits, according to the Official Social Trends Report. As noted by Halifax today, the Spanish Ministry of Tourism is expecting a further one million foreigners to choose a home in the country within the next six years.
The Spanish property market undoubtedly benefits from the fact that the country remains a haven for tourism. With a steady supply of visitors each year, it is inevitable that many are suitably impressed to the extent that they choose to buy in the country, encouraged by the quality of life and the financial conditions.
Halifax reports that the Spanish market also benefits from the high demand for low rate Euro mortgages, while there is also an attractive abundance of low-cost budget airlines flying regularly to several Spanish airports.
Indeed, research from OAG indicates that the number of low-cost flights to and from Spain is up by 25 per cent against the figures for last year and low-cost operators within Spain have increased by 160 per cent.
It is a development that should not be overlooked as it is the very absence of low-cost flights that has hampered growth in some of Europe's emerging property markets.
The new report from Halifax suggests that the rise in low-cost flights leaving the UK has meant that Brits are now able to enjoy shorter and more frequent trips to Spain. While this is a clear benefit to those seeking short breaks, it is also a huge incentive to people hoping to scour a particular area for investment properties or to get to grips with a region before committing to a transaction.
As buy-to-let investment becomes more and more popular, there is also the issue of establishing just how high demand for rental accommodation is in a particular region.
Ian Smith, head of European operations at Halifax, has observed that flying to Spain is often quicker and cheaper than rail travel from the UK's larger cities to London.
While many Brits are extremely familiar with isolated areas of Spain, many ignore the fact that new investment opportunities are emerging all the time.
A report in the Independent, for instance, has noted that Alicante has been transformed in the last few decades, with 700,000 residents making it the eighth biggest conurbation in Spain.
Murcia is another example of a burgeoning property hotspot in Spain and airport developments in the coming months and years are likely to make it even more accessible to tourists. This in turn is likely to boost rental demand and property investors are already getting their hands on properties in the area in anticipation of quickening market growth.
