Spanish property officially back in vogue
When a decade-long building binge came to a spectacular end in 2007/8, Spain fell from grace in the eye of the property investor. However a striking u-turn is underway with industry experts now calling the nation a “star market”.
According to a survey by the Urban Land Institute and PwC released in January (Emerging Trends in Real Estate® Europe 2014) the real estate industry is moving into areas that a year ago would have been regarded as ‘no-go’ - Spain being one of them. Of the 500 or more expert individuals questioned, 67% agreed or strongly agreed that there are now good buying opportunities in Spain. The report describes this extraordinary turnaround in sentiment towards Spain as “one of the most remarkable property stories of this year’s Emerging Trends Europe”.
Chris Mercer, Director of 30-year established Murcia-based estate agents, Mercers, says, “There’s no question that Spain has had a tough post-bubble ride. In many regions, including ours, prices have fallen by half, and confidence took a tumble – along with Spain’s economy. But now the Spanish Government expects an upgraded forecast of 1% economic growth for 2014 and the property revival is gathering momentum. Informed investors, in particular from overseas, are snapping up the bargains and traditional buyers are following in their wake – bringing life to this cherished property market.”
Mercers can certainly corroborate this investor influx with its total sales for 2013 outstripping 2012 by a substantial 60%. The dominant nationality was British making 64% of last year’s purchases. As buyer confidence continues to grow, the Company boldly predicts 2014 sales to eclipse those of 2013 by a further 30%. However, it doesn’t expect any price rises, at least for the first three quarters of the year.
Adding further weight to the “Spain is back” argument, online real estate portal Rightmove has the country at number one spot in its latest search report out in January. Spain accounted for 30.9% of all January searches followed by France in second place with 14.93%. Meanwhile, all of the ten top climbers (areas with more than one hundred searches each day) are found in Spain. The strengthening of the pound against the euro (one pound will buy you 1.21 euros today versus 1.14 euros exactly one year ago) has also made properties even cheaper and helped to fuel this hunger for an overseas home.
On the market in Murcia:
FOD136 – Villa, Camposol Golf, Mazarron, Murcia, Spain
Detached two double bedroom ‘Fortuna-style’ villa with family bathroom set in the golf resort of Camposol on Spain’s sunny Costa Calida. To the front of the property is a large full-length open terrace with pergola and, once inside, the living accommodation offers a generous bright lounge, dining area, fully fitted kitchen and both bedrooms have fitted wardrobes. Upstairs there is a massive rooftop solarium accessed from stairs at the (third) rear terrace. Set on a plot of 350m², the grounds have raised gardens, vehicle and pedestrian entrances, a tiled driveway and a large private swimming pool set alongside the sunny front terrace. Available fully furnished and with the bonus of under-villa storage. Camposol Golf has an 18-hole course and plenty of shops, restaurants and bars on-site including an opticians, vets, medical centre, hairdressers and a weekly market. The Blue Flag beaches and marina of Mazarron are within a 15 minute drive.
Two bedrooms, One Bathroom
Price – 119,950 euros (approx 99,100 GBP)
For more information, visit spanishproperty.co.uk.
