The Spanish property sector is booming, specifically in the popular tourist resorts thanks to a number of factors including dropping levels of unemployment, GDP over 3 percent, gains in international credit standing, and a general rise in tourism.
Some agents have gone so far as to predict something of a golden era for the property market in Spain that shows no sign of slowing until 2022 at the earliest. The major drivers in this market upsurge are popular locations such as Costa Del Sol, Costa Blanca, and the Canary Islands as reported by several agents in the region.
With Brexit approaching quickly, almost twice the usual volume of British purchasers have decided to seek a second home in these popular locations. In the past year, some Tenerife agents have seen growth of almost 100 percent in the number of Tenerife properties bought by individuals from the UK.
This trend has been verified by several well-established agents on the island. They also say there has been a tremendous uptick in the number of British property buyers in the last several months as Brexit looms.
In addition, BBVA Bank has made a forecast of 5 percent price gains on real estate in Spain, clearly indicative of the region's status as a hot-spot for international property seekers. Changes in the exchange rates seems to have also played a role in this shift. Once an appealing rate of exchange between GBP and EUR currencies presents itself, buyers from the UK experience a rush of renewed confidence in their choice to secure property abroad.
There was a 15 percent rise in reservations throughout mainland Spain and also the Balearics, according to Taylor Wimpey Espana. This represents the highest volume seen over the past seven years. Currency trading fluctuations are also responsible for an adjustment in tourism levels. Costa del Sol tourism executive Jacobo Florido asserts that 2018 stands to be the most significant tourism year in the history of his region.
Predictions for visitor levels and economic impact show a 2 percent rate of growth on the year. This is on top of a record-shattering 2017 in which 12.5 million tourists flocked to the Costa del Sol. This was a 6.4 percent gain on the prior year.
Helping produce these figures were 80,000 extra tourists from Britain. The stunning beaches of Malaga Province, together with nearly year-round sunshine and a laid-back feel have given visitors a welcome reprieve from the tensions surrounding Brexit. Second-home sales in the Costa del Sol and elsewhere have benefited greatly from the trend.
Multiple justifications exist for the strength of this surge, according to the experts. There has been a fairly consistent rate of exchange for many months in a row, and booming interest in the regions themselves as a holiday hotspot, but also as an ideal place for a second home.
When it comes to the sheer pleasure of living on one of these popular Spanish resorts, few destinations can compare.
The people at Treadway also say things along similar lines with interest in property still very high.
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