Buying Property in Costa Brava and the rest of Spain
If you are looking to buy a property in Costa Brava or the rest of Spain we have an article with useful information about the current state of the Spanish real estate market.
Buying a property in Spain at the moment is a great time because the prices are very low but as always the best advice is to take your time, visit a number of properties before your take a decision, visit different real estate agents and don't go for the first property you see.
Eventhough you need a property because you are planning to move to Spain strait away you will be much bettor of with start renting a property for 4-8 weeks which will give you more time to find just the right property – see also our section Rental Properties and Holiday Rentals
Property in Spain & Developments in the Spanish Real Estate Sector
Changes in the Spanish real estate market throughout 2007-08 have altered the appeal of property in Spain, turning it away from the focus of investors in search of fast profits. Today’s market is aimed more at the interests of homebuyers in search of a long-term investment in a home in Spain.
Over the last year prices gradually leveled out at normal rates, with a yearly rise in prices of 4.8% (nothing like the uncontrolled expansion experienced during the last ten years of Spain’s now-concluded real estate boom). In the last quarter of the year prices actually fell in 11 provinces throughout Spain, in areas not popular among foreigners in search of Spanish property.
Spain’s enduring appeal as an overseas property market is evidenced by the fact that it was largely due to continued demand in coastal regions such as Murcia (which experienced a price rise far above the national average at 8.1%) and Andalusia, where thanks to the draw of the Costa del Sol prices rose overall by 4.8% despite having areas like Granada where prices suffered the most.
Now that prices have taken on a measured level of sustainable growth, foreigners interested in Spanish property – whether for personal purposes or as a holiday letting venture – enjoy greater access to the market, and can still look forward to solid long-term appreciation.
Regulating a gradual settling of prices without crippling the real estate market or harming the economy has been the express intent of the Ministerio de Vivienda, the Spanish government’s department of housing. This market shift comes after Spain’s decade-long property boom, which saw yearly price increases of nearly 20%.
2007 was the year that finally saw the conclusion of the skyrocketing prices and rampant construction that characterized Spain’s property sector during last ten years; the 4.8% rise in prices constitutes the lowest since 1997. The Spanish government has also sought to better consumer access to Spanish property by crafting legislation in favor of the individual property buyer, both national and foreign.
An investment in Spanish property for the long term retains its appeal thanks to the characteristics that make Spain an ideal place to buy a vacation or retirement home, or to move to permanently in search of a more relaxed pace of life (as is the case with thousands of foreigners each year). Sunny weather, a beautiful and varied natural heritage and a profoundly enjoyable culture are just some of the reasons why people from across the world leave their native lands behind in favor of Spain’s relaxed yet dynamic lifestyle.