Spain used to be one of Europe’s property hotspots. As British investors, retirees and working population increasingly realised the benefits of property in a sunnier clime, so the property market boomed. However, in the global financial downturn, the bottom fell out of the Spanish property market.
Now however, things are changing. More and more buyers and investors are coming back to Spain for a multitude of reasons, including the following:
- Property prices are still very low, compared to their peak in 2007
- The strong pound exacerbates the effect of these low prices
- Mortgage rates are falling – typically you could pay a rate as low as 2.75% with a 30% deposit
- The construction industry is growing again, showing all the signs of increased investor confidence as growing numbers of new developments come on to the market
- More properties are coming onto the market and more people are searching for properties, again showing signs of increasing confidence in the recovery.
Marbella and the Costa del Sol is one area at the vanguard of this upturn. The combination of sunny Mediterranean coastline, bustling resorts and peaceful mountain villages make it the perfect place for holiday-makers, retirees and investors alike to buy their own place in the sun. So if you’re wondering whether now could be the right time to invest in Spanish property, the answer could very well be yes.