Spanish Property Market Predictions for 2018, 40% of Buyers Buy Based on their First Impression, Plus More

Welcome to the January edition of the Marena Murray newsletter.

In this month's edition, we share some property market predictions for 2018, we reveal why it's never been a better time to sell as the Spanish property market shows signs of hotting up, we discuss why 40% of buyers will buy based on first impressions alone, and we share some advice on how to get the most out of your home.

The Spanish Property Market is Hotting Up

2018 is set to be a great year for sellers on the Spanish property market. Find out why Spain is the place to be in the next year.

House prices in Spain are already rising
Year on year, house prices in Spain have risen by 4.1% in 2017, a considerable rise when compared to 2016 at 1.6%. The Spanish property market’s continued recovery, coupled with continued buyer interest (both foreign and domestic) has led to housing being a secure investment in 2018.

Spain is now the second most popular tourist location in the world
It was officially announced that Spain has overtaken the US as the world’s second most popular tourist destination. With more people than ever experiencing the diverse culture, affordable living, breathtaking scenery and incredible climate, we are expecting to see more foreign buyers taking a dip in the Spanish property market.

There is currently a pre-Brexit rush…
A study undertaken in October revealed that British retirees are currently trying to secure property in Spain before the UK leaves the European Union.

… paired with a post-Brexit promise
The foreign minister has assured British ex-pats that their right to remain in Spain will be safeguarded – whether the UK reaches a deal with the EU or not. Many prospective buyers will be highly motivated to find a property before the UK makes its exit.

Post-Holiday Blues Have Proven To Be a Powerful Incentive
In Q3 of 2017, the amount of foreign interest in property skyrocketed, with a 28% increase in enquiries and a 55% rise in purchasing. As pointed out by Marena Murray earlier in the year, the window of opportunity between the end of the summer and the beginning of Christmas, when the weather in Britain is poor and the spell that Spain has cast on them still has a stronghold, proves to be a popular time for Brits looking to relocate to Spain.

Property Market Predictions For 2018

A new year is always the perfect opportunity for a fresh start. You may have already spent the majority of January looking at a place away from the dreary English weather. Despite ongoing uncertainties surrounding Brexit, the end of 2017 saw record numbers of British nationals acting on their dream of making the move abroad, with Spain remaining the most popular destination.

Spain’s Reistradores De Espana (office of national statistics) has released a report which has highlighted just how influential British nationals were on the Spanish property market in 2017. In the third quarter of 2017, British buyers accounted for more property purchases than any other foreign nationals. The number of buyers in Spain was also double the amount of those in neighbouring France (who came in second) – which is a testament to the popularity of Spain.

In 2017, Spain saw a post-summer holidays boost in sales, with the number of British buyers looking to secure a holiday home rising by 28%.

According to Mark Stucklin of Spanish Property Insight, 2017 was a good year for most parts of Spain. He pointed out that sales were up by double digits in most areas in the 12 months to October, down only in the Andalusian province of Almeria.

Good news for those thinking of selling in 2018, prices in Spain have steadily increased, with house prices in November rising by 4%. Year on Year, house prices have risen by 4.1% which is a dramatic difference to last year’s 1.8%.

Agents and builders are also recording positive growth, with an average 13% increase in demand for property in 2017.

This positive growth is expected to continue into 2018, with buyers trying to escape the colder weather and the UK’s upcoming exit from the European Union. With recent statistics showing a 28% increase in UK enquiries and 55% increase in UK buyers, there are even more opportunities to sell your property.

Looking at Murcia, mortgages on properties purchased in Murcia are also positive. Overall the number of mortgage applications have risen by nearly 14%. Figures also show that the average loan capital has dropped by 4.3%, which indicates that nearly 40% of all purchases in 2017 were financed by means of a mortgage. As house prices continue to rise, we would expect to see buyers becoming more reliant on mortgages as a method for financing their purchase in 2018.

Getting the Most Out of The Wasted Space in Your Home

The majority of homeowners are guilty of not getting the most out of the available space in their home, so we have put together some ideas for how you can utilise the space in your home in a creative way.

Create a micro office
Depending on the size of your home, sometimes taking over a room to create an office just isn’t feasible. Why not create a micro office? A small desk or a sturdy shelf can be installed in a small area of wasted space to create the perfect working area.

Build in a multi-tasking bench
Some homes feature a huge landing and wide windows which go completely to waste! A multi-tasking bench, with storage capabilities, colourful pillows and cushions to brighten up the corridor is the perfect way to make use of the some of the space that traditionally goes to waste in most homes.

Put up some shelves
Shelves are more than just a solution to storage, it’s also a great way to decorate the wasted space in your home. Colour code your books to add a splash of colour to your rooms.

Reading nook
Unused spaces in the corner of the room or in a window alcove can be perfect for creating a reading nook. A comfy chair, a table for your drink and a pile of books is all you need to create a comfortable place for getting to know a new book.

Ceiling shelves
Most shelving units only make use of a small portion of the available space. Placing shelves on top of other units, such as the kitchen counter, or in nooks and corners with built-in cabinets, and ensuring the shelves measure up to the ceiling making usage of all the available space.

40% Of Buyers Will Decide To Buy Based On First Impression Alone

As any estate agent can tell you, a successful sale hinges on a good first impression. Prospective buyers possess a sixth sense when it comes to viewing a property and if things aren’t up to scratch – inside and out – you can guarantee they will spot it.

In fact, a recent study has revealed that the average house hunter only needs eight minutes to decide if a property is for them or not.

Six in ten adults will also choose not to buy a property based on the condition of the property’s exterior without even needing to view the inside.

In comparison, 18% of buyers admitted to buying the very first property they view and 15% said they decided to buy the property before they had even viewed it in person.

This decisiveness extends online, with the average buyer spending eight minutes deciding whether or not to visit a property – highlighting the importance of a good online advert.

75% also confessed to being irritated upon finding that an advert or online listing does not accurately represent a property when visiting in person.

The study also revealed which aspects of a viewing signalled an early exit for many prospective buyers. The main offender was an obvious damp patch, which 60% of buyers said would put a stop to any future transaction, whilst a house on a main road or cracks in the wall would also put an end to the viewing.

For the buyers who are good at seeking out the problematic finer details of the property, there were some decisive reasons for buyers backing out of the viewing, such as dirty toilet pipes, overflowing bins, wheelie bins left in front of the property and faded or yellowed paintwork.

Some viewers take issue with a seller's lack of preparation for the viewing such as untidy rooms, poor DIY and ashtrays left around the house.

Other reasons included logistical problems such as the size of the rooms being too small for the buyer’s furniture, issues with the natural lighting of the property. The current owner’s furniture cluttering up the layout of a room, preventing the buyer’s imagination from running wild, led to over a third of buyers to back out of a purchase.

The list showcases the importance of sprucing up your home – both before putting it on the market and before every viewing. A prospective buyer needs to weigh up the additional costs and work involved in buying a property. Ensure you give your home the most generic makeover possible and organise your possessions and furniture in a way that won’t distract the prospective buyer.

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