Spain has been hit particularly badly by the recent recession – millions of people remain unemployed. Despite the recession and high levels of unemployment, expats have still flocked to Spain for the weather, the culture, and of course the “manyana” way of life.
Spanish Property Prices On The Rise
A recent article published on MarketWatch.com reported that property prices in Spain are on the rise, for the first time in over six years. That’s good news on many levels – it means the Spanish economy is seeing signs of life, and that those who have invested in Spanish Property may see some return on it in the coming years.
Over the past six years, Spanish house prices have declined by around 35% on average. The drop in price was brought about by the lengthy recession that has gripped much of Europe over the last six years. Property prices rose by 0.8% in the second quarter of 2014, compared with the same quarter in 2013.
The most popular areas to look for property in Spain include in central Madrid and Barcelona, as well as in tourist hot spots along the Mediterranean coast. These areas are particularly popular with expats and overseas investors from Europe, and often further afield. Madrid is the region showing the strongest growth in Spain, with a 2.7% increase in the price of property – followed closely by Valencia at around 2.3%. Other regions that have witnessed property price increases include Andalusia, the Balearics, Cantabria, Catalonia, Galicia, Murcia and Melilla.
Although on the whole it’s great news for Spain, some regions are continuing to witness an all too familiar sensation of a drop in property prices. In Navarre and Extremadura property prices fell, by 6.1% and 3.5% respectively.
Spain is looking to build upon the positive economic growth witnessed over the last few months, with growth projections for the remainder of 2014 and 2015 being increased. The Spanish government is also working hard to close loop holes that allow individuals and businesses to lower their tax liabilities – increasing total tax receipts, bringing Spain’s tax income level with surrounding countries.
As prices rise in Spain and across other parts of Europe, those looking to secure a move overseas are likely to be jolted into action, to ensure they get their foot in the door before prices start spiralling out of control like they have done in the past. If you’re moving to Spain then be sure to Contact us without delay in order to find out how we can help with your big move.
