New reports suggest that the international financial market is set to drive increasing demand for Spanish residential property, especially from the UK, US and Switzerland. With prices stabilising in major Spanish cities such as Barcelona, the signs are that the market is steadily recovering from the 2007 crisis and that this will continue in the year ahead.
The rise of the pound, the dollar and the Swiss franc against the Euro is driving the trend, according to the latest market reports by Lucas Fox International Properties. Conversely, Russian investment is falling dramatically as the rouble continues to perform badly. And with prices still an average of 40% below their pre-2007 market price, the reports suggest that now is an ideal time to invest in Spanish residential property.
40 per cent of prime market property purchases in Barcelona in 2014 were for investment use, a change from the previous year when most purchases were for residency purposes. While the number of transactions in 2014 increased from 2013, analysts see 2015 as the significant recovery year for the Spanish residential property market. Overseas buyers who were deterred by falling prices over the previous seven years should be encouraged by the current stability, and their investment should see prices begin to rise steadily over the next twelve months.
Foreign investment has also grown significantly in the Costa Brava, while interest and sales activity in the Balearic Islands and Ibiza is already rising. Overall, economic indicators point to a high growth potential across the Spanish region in 2015 and beyond.
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