2013 seems set to become a great year for Spanish property. Most recent reports summarising property sales and rental stats from government and independent sources, indicate that the second half of 2012 observed a rise in worldwide customers aiming to snap up value for money property stock. And there’s several reasons why now’s a good time.
Because of the moderate climate, in excess of 300 days of sunshine annually on the Mediterranean coast and rich cultural history, the tourist industry is still robust in Spain, having a reported 52 million vacationers between January and October 2012. This healthy tourist industry is helping aid the Spanish property market, with a lot of people still wishing to invest there. The Brits lead the way with thirty per cent of the international share of the market, but Russian, Scandinavian and Benelux purchasers are likewise substantial investors. Sales at the back end of 2012 were up noticeably on the previous year. For instance, on the Costa del Sol Taylor Wimpey de Espana reported a fifty-two % growth as compared to the first nine months of 2011.
This is thought to some extent to be related to British clients who have taken advantage of the strength of the pound over the Euro. But additionally, the Spanish government has brought in quite a few policies designed to make acquiring rental properties in the country more inviting to overseas landlords. Notably, a tax relief initiative, where by landlords will get all the rental profits they generate from their portfolios. There have likewise been proposals by the Spanish authorities to make available residency rights to non-EU clients who spend more than 160,000 euros, which it is presumed will be good for the market if it goes through in 2013. The Spanish government is furthermore enticing new landlords to Spain by changing the laws in favour of landlords to make it more appealing to invest in properties and to rent them out through giving more powers to landlords. These actions seem to be having a favourable influence on the Spanish property market.
Importantly, properties are low priced, believe it or not cheaper than they have been since 2002. The price of Spanish property is very low when compared to costs across Europe. You can get yourself a flat for under 50,000 euros and a villa cheaper than 100,000. And your money goes further; the cost of living remains much lower when compared to the UK.
A further factor is that it’s becoming easier still to travel between the UK and Spain. With air travel times at 2 – 3 hours and several suppliers providing bargain deals, getting there has typically been comparatively simple and inexpensive. But now new flights are available including new British Airways routes to Alicante, Barcelona, Palma and the Canaries and Monarch are now travelling from East Midlands Airport.
Spain has long been a mecca for Uk tourists and those searching for a sunnier and more tranquil way of life elsewhere, and it looks like now may be the perfect time to make the move, or an investment in property market.