panish property sales have surged this year, according to new figures, as buyers continue to pounce on attractive conditions. With prices increasing too, the market as a whole is on the up – and Costa Blanca is leading the way.
Spanish property sales have surged this year, according to new figures, as buyers continue to pounce on attractive conditions. The number of transactions surged 13.9 per cent in the second quarter of 2015, according to the Minister of Public Works, the sixth quarter of year-on-year growth in a row and the second best quarter since 2010.
The seven-year record exchange rate between the pound and the euro has helped to boost interest from British buyers, while low prices accompanied by the promise of looming recovery have also improved the country’s appeal. Indeed, Spain was the most the popular country on TheMoveChannel.com in August 2015 for the third month running, accounting for over 1 in 10 enquiries.
Clare Nessling, director at overseas mortgage specialists Conti, says they have also seen demand climb for Spain, with country accounting for around half of their enquires.
“The Spanish property market is on the up again after a tough few years and British investors are rediscovering their love for this beautiful country,” she tells The Express.
Nessling highlights the Costa Blanca as the most popular destination for Spanish bargain hunters, followed by the Costa del Sol and the Balearics.
Demand in such popular coastal hotspots is helping to drive up prices in some parts of the country. Indeed, according to figures from the Association of Property Registrars, house prices rose 5.12 per cent in the year to June 2015, the biggest annual jump since the financial downturn.
Marc Pritchard, Sales and Marketing Director of Spanish homebuilder Taylor Wimpey España, acknowledges that there are “vast differences” across the country’s regions, but is upbeat about the coastal resorts.
“Some areas, particularly coastal resorts that are popular with foreign buyers, are showing a marked recovery in prices and a really healthy market. Other regions are still struggling to turn their markets around though, so you need to do your homework regarding where to buy,” he comments.
Indeed, he highlights the Costa Blanca as a seeing “steady and sustained progress”.
“The market there has picked up pace beautifully over the course of the past year and confidence has really returned to the local property sector,” he adds. “Coastal areas are definitely the place to buy at the moment, but the confidence is spreading slowly across the rest of the country”