A recent residential property market report has shown that Spanish property prices continued to climb ever higher in March.
The latest Spanish Property Insight House Index Tracker plots the progress of the house prices in Spain.
Mark Stucklin, who compiles the index on behalf of Spanish Property Insight said: “The Tinsa index, breaks down house price changes by area. It showed the national average price rising by 2.7% in March, by 5.5% in cities, 1.9% on the coast, and a hefty 7% in the Balearic and Canary islands.”
Demand from international buyers has been a necessity for helping the Spanish property market continue its recovery.
Despite Brexit, demand from potential British buyers continues to hold strong, with figures shown that overseas searches for Spanish Property reaching an all-time high after the referendum vote in June, up over 50% on 2015. There have also been reports of record turn outs at UK investor shows.
It’s the British over 50’s without a mortgage who look set to make up the highest percentage of UK buyers. They have plenty of equity, which hasn’t be affected by Brexit and a passion for Spain. They will likely be looking to make a move before the UK officially exits the European Union.
The Spanish property market is currently a two way street. British buyers are vital to the market’s recovery, whilst British buyers will still be able to find plenty of bargains.
If you are interested in buying a home in Spain, get in touch with Marena Murray. Our multi-lingual team are able to advise you further on the Spanish property market.
