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The highly awaited recovery of Spain’s troubled property market is set happen at long last. The past 18 months in particular has seen a boost in interest in Spanish property by foreign investors looking to cash in on the highly depressed property prices which tumbled from their pre-crisis highs.

Spanish home sales soared 60 per cent in January 2014 compared to the same month in 2013, according to new figures from the General Council of Notaries. These statistics show that sales of property in Spain soared 59.2 per cent in January 2014 The figures appear to suggest that the market has improved in leaps and bounds.

The Notaries, suggest that there is “a stabilisation in the monthly sales figures”, hinting at positive momentum starting to build. Indeed, data from valuation firm Tinsa shows that Spain’s declining house prices are beginning to slow down, with values falling 7.9 per cent in February.

Coastal properties suffered the biggest decline; good news for property investors looking for bargain holiday homes. Indeed, a report by CBRE recently ranked Spain as one of the most appealing for overseas buyers, with 70 per cent highlighting Western Europe as “the world’s most attractive region for real estate investment”.

Indeed, a separate report from the General Council shows that foreign purchases of Spanish property climbed 9.8 per cent in 2013. This is the first time in years that forecasts have contained some notes of optimism.
Foro Consultores, a Spanish real estate consultancy, forecast that house prices will start rising at the end of 2014. They point to signs of confidence returning to the Spanish economy, and banks reaching the end of their provisioning cycle, after which they can start lending again.

Despite improving sentiment, prime real estate values remain 30 per cent lower than their peak five years ago when the bubble burst, nearly taking the entire Spanish banking system and economy with it. In some former coastal hotspots the differential is as high as 70 per cent. But, of late, momentum has been picking up. Savills reports that inflows into Spain’s retail property sector alone jumped nearly three-fold last year (up from €320m in 2012 to €850m), with the bulk of cash coming from foreign institutional investors.

So it would appear from the economic signs and reports that the market has finally bottomed out, and soon prices will start to rise again. So if you have decided you have fallen in love with Menorca, now is the time to shop about and pick up that dream home, especially with the recent change in the exchange rate position between the Pound and the Euro.


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