Looking for a solid investment or to spend your retirement in warmer climates? The Spanish property market could be the thing you’re looking for.
Whether you’re looking for a warmer climate to spend your well earned retirement, or you’re a property investor looking for your next foreign deal, the Spanish property market remains hot for those looking to move quickly.
Despite all the uncertainty of the last 12 months, Spain has emerged relatively well compared to other EU countries and others around the world, with its economy expected to rebound strongly in the next 12 months and improvements already being seen in the property sector, now could be the ideal time to invest.
If you’re looking for your next property investment overseas, here’s a few good reasons why the Spanish property market could be just the thing you’re looking for.
1. The Spanish property market is already back on the up
The Spanish property market is already experiencing a rebound after the first quarter of 2021 and prices are expected to continue rising as we carry on through the year. Standard & Poor has announced it expects further increases in the property market, fueled by the reopening of some foreign travel and further lifting of restrictions later in 2021.
2. Spain’s economy is rebounding strongly
The world’s economy suffered a major setback in 2020, and some of that continued into the first quarter of 2021. But Spain has started to show some solid signs of recovery in the last few months.
The Spanish government has now predicted an annual economic growth of around 6% this year after some improvements in March to their economic outlook.
With COVID-19 restrictions beginning to lift slowly and the vaccine rollout slowing hospitalisations, Spain’s economy is expected to see a strong recovery back to pre-COVID levels in the next year.
3. Foreign investment continues to move forward
While internal investment in Spanish property has dropped off slightly as a result of COVID-19, foreign investment has stayed consistent, resulting in a strong and stable housing market.
This isn’t a new thing for Spain.
Even during the 2008 financial crisis, foreign investment remained consistent in the years following and, as a result, the Spanish property market stayed strong. It does regularly outperform other markets as an investment choice.
4. Spanish construction sector experiencing a strong recovery
Any fears that a fall in new homes would drive up prices for existing properties have been driven back by more recent news that the Spanish construction sector is expected to see a strong, government backed recovery in 2021, keeping prices stable.
Spain’s construction sector is expected to rise about 7.4% in 2021 with government backed spending on new infrastructure projects. Plus with the vaccine rollout and lifting of travel restrictions, Spain’s travel and tourism is expected to drive a strong overall economic recovery in the next year.
5. House financing costs and credit remains accessible
Financing costs for foreign investors are expected to remain low in 2021 despite some tightening of credit conditions.
Even with slightly tighter restrictions, Spanish banks are known for their willingness to lend to foreign investors, and with internal spending still lower than before the pandemic, as more households save during times of uncertainty, financing is available at a low cost for foreigners looking to move into the Spanish property market.
Step into the Spanish property market with Bromley Estates
If you’re looking for your next property investment in Spain then get in touch with us today and our expert team will be able to match you with the investment property you’re looking for.
We’ve got a wide range of properties available for couples and families looking to retire in the Sun to investors looking for a reliable ROI in the Spanish market.
Get in touch with us today or browse our available properties.