According to the latest data released this week, the downward trend of property sales has definitely turned a corner, once again thanks to the foreign investors, with the first half of this year showing the highest turnover in the last nine years, with 2.834 million euro being brought in, compared to the lowest year in the last ten which registered just 199 million euro.
Whereas many Spaniards are still feeling the pinch of excessively reduced employment opportunities, reduced salaries and higher costs of living, the situation seems to be easing across neighbouring nations, which is having a positive effect on the economy and future of Spain.
For those involved in the property market, this is the best news for some considerable time, but it is also great news for those selling their home, as this will inevitably lead to prices starting to increase once more, as availability and choice starts to reduce.
For the buyer however, this also marks a key time, with the opportunity to grab a quality bargain looking likely to also start to diminish, as the best offers and opportunities are the first to be snapped up. In other words, for the buyer or investor, the time to act is now, before those prices do start to creep up and before all of the best bargains are gone. Not that it means a restrictive future though, there are still far more properties available on the market than the demand, so choice is still at its prime.
According to the latest study released by the Society of Valuations, house prices have plummeted 47.7% from the peak that occurred in the years of the “boom” and stands at an average of 1,253 euro per square metre.
This data is not just an attempt by the government to instil confidence in the markets, independent bodies also recognise it as true. For example, according to statistics compiled by the General Council of Notaries, the number of house sales made by foreigners in spain during the first six months of the year increased by 13.6% over the same period of 2012, reaching 24,552 operations.
According to the Notaries, non-resident buyers became the principle purchaser during that period, with the Belgians being amongst the most active, with an increase in transactions of 78.1%, the French increased by 70%, and from Germany, there were 35.3% more. The British market is still hold a substantial share for non-resident buyers, with a total of 1,244 operations in the first quarter.
Where there is growth, there is inevitable contraction and that can be seen clearly in the Ecuadorian and Colombian markets, falling 34.5% and 27.7% respectively, as well as Romanians who showed a 1.1% reduction.
Filed under: http://www.theleader.info/article/41122/