British Buyers revive the Spanish property market
19 June 2014
The property market in Spain has taken a hit, however the market is now really showing strong signs of recovery, and as a result six out of 10 British purchasers are turning their attention to the country.
Over the first four months of this year, Spain’s ‘bad bank’ Sareb has reported to have sold more than 5,000 properties to individuals, compared to 9,000 for the whole year in 2013. The firm also reports that mortgage lending has also increased year-on-year, representing the first annual increase in 4 years.
Backing up these findings is specialist overseas mortgage provider Conti reporting a 90% year on year increase in the number of UK buyers looking to purchase properties overseas, with consistently large numbers looking at Spain as their preferred destination.
UK international property firm Select Resorts Properties have been directly seeing the effects as a result of the increased confidence of purchasing within the country, with enquiries for Spanish property increasing 36% compared to the same time last year.
Spanish Property Investment Specialist Natalie Windsor of Select Resorts Properties commented;“We’re not surprised by the increase in confidence as a result of a number of positive economic indicators. It’s a fantastic time to purchase property in Spain, as house prices have fallen significantly since their peak and as prices are starting to creep up in certain areas, savvy individuals are able to purchase affordable apartments in stunning locations across the country.”
In response to the resurgence of this market, Select Resorts Properties have added a number of new Spanish apartments and holiday homes to their portfolio in line with demand. With over 30 years’ experience in the industry this is an area the firm are particularly confident in selling holiday homes in Spain.
One of the most recent portfolio additions is that of La Recoleta III located in Punta Prima, just 10 minutes south of Torrevieja. The development offers a superb opportunity for individuals looking to purchase affordable property in a beach front location.
The apartments offer spacious 2-bedroom accommodation with excellent quality fixtures and fittings and are available from €139,000 (around £111,000). Many of the properties have sea views and all enjoy direct access to the local beach and are close to the fantastic amenities of the area.
A number of penthouses within the resort have already sold, and almost 10% has been reserved prior to the official launch of the development. Built on the success of La Recoleta phases I and II, phase III is expected to sell out rapidly.
Select Resorts Properties have put together a 2-day inspection visit itinerary for qualified purchasers. The visits are available from only £99 for a single and £149 for a couple and the price includes return flights from your nearest UK airport, Spanish airport transfers, accommodation for one night including breakfast and a full presentation and property tour of the resort.