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January 8, 2014

Forecast on the cost of property in Spain in 2014

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Experts and professionals in the real estate market in Spain in early 2014 suggest that the cost of real estate in Spain will continue to decline throughout the year. The current situation in the real estate market changed in 2013 due to the influent of foreign investment in the country, and yet experts agree that the cost of real estate in Spain has not yet reached its critical values, so there are opportunities to reduce it.

In addition, a major real estate portal Fotocasa calls 2014 “the year of the rent”, which in turn, will also decline, according to the experts forecast.

The cost of real estate in Spain falls since 2008, with the beginning of economic crisis. Thus, 2013 was the sixth year, during which the trend persisted, with only one small “deviation” in the autumn of 2013, when property values rose by 0.7 %. And it seems that 2014 will not be an exception. In general, the current economic situation is clearly favorable for reducing the prices of real estate that is also proved by professionals in the sector.

Positive and stimulating factor in the real estate market recovery of Spain is the fact that foreign investors trust the Spanish economy and continue to invest in the country. Experts say that these investments are needed in Spain to maintain and restore the economy in general and the real estate market in particular. Foreign investors bought in 2013 several major Spanish real estate agencies, which previously belonged to the banking institutions. In addition, in 2013 greatly increased the number of private foreign buyers of the Spanish property that is also a contribution to the national economy and a very positive factor.

According to official data of the Ministry of Development of Spain, the cost of real estate has fallen by a cumulative 28.8% since 2008. Nowadays the square meter costs less than 1,500 euros, equivalent to the price level in 2004.

Experts of Fotocasa portal  also indicate that in 2014, the rent real estate will decline, and called numbers in 5 %, due to economic factors and therefore to significant growth of offer.

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