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Spanish Property Market beats economic crisis

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Spanish Property Market

The Spanish property market has been giving out conflicting signs throughout the whole period of the economic crisis which has been engulfing the country.

Now it seems that demand for property in regions popular with second home buyers is on the rise. Last year sales figures for the Costa Blanca saw a 57% rise in second home ownership, even though there was an overall fall of 3% in total property transactions.

Of course, the region has long been popular with British investors looking for an ideal location for a second or holiday home, but the difference now seems to be that the appeal is reaching a far wider international clientele.

The head of the Housing and Public Works Department of the regional government in Costa Blanca, Vicente Domine, has claimed that overseas investors buying homes in the region accounted for 29% of the total number of all Spanish transactions.

The new nationalities making their mark on an area previously mainly favoured by British and German buyers include Russian and Scandinavian investors in significant numbers.

One of the reasons that the region is proving it can compete even in challenging market conditions is because the continuing demand for good quality holiday lets means rental yields have remained high.

Investors looking to generate an income from their property are generally onto a good bet when it comes to the continuing tourist appeal of the Costa Blanca.

Enquiry rates are said to be at pre-recession levels and new development projects are beginning to get underway as confidence resumes for the construction industry.

New contemporary units have a starting price of around €249,000 for properties that are situated close to beachfronts and generally come with a pool and private gardens.

Those who need to transfer money to Spain should look into the different options available to find the best way to send money abroad. For instance, foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

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