Many experts believe 2023 is the perfect year to buy property in Spain. According to several recent property surveys, the time has never been better to buy a Spanish dream home. Take their advice, and that perfect home in the sun could be within arm’s reach. There are very few locations on the planet that can beat the absolute natural beauty of Spain. Here are four reasons why 2023 is an ideal year to buy property in Spain.
Improved Quality And Professionalism
More quality projects and houses are on sale in all areas of Spain now than ever before. Buyers are finding the process of buying a property more sophisticated overall.
New developers are keen to give excellent value for money to their purchasers, and especially those who relocate from abroad. Today they invest more time and effort into producing properties of superior quality. This is proving to offer great rewards for both the buyer and the developer. In addition, the developer is getting much more interest and success in selling their properties. The newly built properties are more focused on quality than quantity.
Attractive Borrowing
The property market in Spain is no longer as fragile as it was after the market crashed in 2007/8. There has also been an increase in government regulation for financial institutions. This also indicates there is better regulation of all financial products in Spain. As a bonus, the mortgage rates are cheaper than ever. More financial stability in the country since Covid also means that you are more likely to profit should one day you choose to sell your Spanish property.
Property Prices Increasing
Much like the economy, Spanish property sales are on the rise. Several years of falling house prices have resulted in the market returning to pre-pandemic levels. In addition, local Spanish banks are predicting record property sales in the coming year of 2023. With confidence back in the market and demand steadily growing once again, prices will inevitably increase. Having said this, it is essential to note that current prices are still far from their 2006 peak. But sales volumes are back to pre-crisis levels.
Rental Income Potential
A recent survey revealed that all forms of accommodation are on the rise. One of the most important of these is the holiday apartments market. With more than a 20 percent increase in demand, you are more likely to make money from your property than you were two years ago. The direct impact of this is that more tourists are looking for holiday places to rent. This also means that the cheap beachside property you are thinking of buying has the potential to earn you a lucrative income.
However, not all Spanish properties will be automatically granted a tourist rental permit. It depends on the area, the number of properties with permits, and if there is a housing shortage for locals in the town.
Illegal rentals of properties in Spain are subject to a significant fine, so it is worth knowing the terms and requirements of tourist rental in your desired area, as well as how to get a license before you put money down on a property you intend to rent.
