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November 20, 2015

Good time to buy a property in Spain

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Good time to buy a property in Spain

According to latest statistics of Real Estate Price Index of portal Fotocasa, in the third quarter the average price of resale properties in Spain in October 2015 reached 1,646 euros / m2. This means that there has been an increase in prices during the third quarter by 0.7%, so that it is the second quarterly growth since 2007.

These positive data recorded in recent months, after several years of stagnation in the Spanish property market, allow the experts give optimistic forecasts. "We believe this is a good time to buy, because it seems that prices will not drop further, and in 2016 ever their increase is expected. In addition, the economy is recovering moderately, the real estate prices are stabilized, and the market is moving towards a slow recovery,"- said David Manchon, the commercial director of portal Schibsted Spain-Fotocasa.

Many Spanish property market experts have expressed their views on the current situation in the market and the prospects of its development. For example, Miguel Angel Ariño said that as the recovery of the Spanish economy proceeds, sales of houses and apartments would also increase. However, he also warned that, despite the good prospects for the Spanish economy, we must be careful. "Until this summer, the economic recovery and sales of real estate in Spain has already gained force, but the news of the global recession, caused mainly by the problems of the economy in China, caused uncertainty in the strength of growth in Spain. We have to wait how things will evolve in the rest of the year to confirm if we can talk of a slowdown in economic growth or of a slight cyclical downturn in activity,"- said the expert.

Meanwhile, referring to the behavior of property prices, Pedro Soria has already expressed the view that the Spanish market is developing at different speeds. "Together with the capitals of the regions and provinces, which still recorded significant drops in prices, Catalonia, with an increase of 1.4%, as well as Madrid, the Canary and Balearic Islands, began to notice the first signs of economic recovery. Barcelona, ​​for example, stands out among the capitals of the provinces with the increase of property prices by 7.4% during the third quarter of this year, compared with last year. All areas of Catalan main city, to a greater or lesser extent, show higher prices than a year ago,"- said Pedro Soria.

Fernando Cirera, on the other hand, expressed the view that "the real estate market begins to show the characteristics of future economic recovery, but at the moment we cannot talk of full recovery. Factors such as high unemployment, lack of job creation and the existing risk confirm this statement,"- he said.

At the same time, the experts in the Spanish real estate market agree that the task of the companies operating in this market is to provide complex real estate services to its customers. The real estate consultant should have a thorough knowledge of the housing market and become the personal adviser of its customers to help them choose the best real estate that would perfectly fit their requests.

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