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January 6, 2016

Ten trends in the real estate market in Spain in 2016

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From the recovery of domestic demand till the return of the cranes at work on the construction of new housing in large cities. Ten major trends will prevail in the Spanish property market in 2016, which has just begun, according to the forecasts of experts of the real estate company Aliseda. Experts also warn of the need to rebuild trust so that the sector can confirm the success with which it finished the 2015.

"Consumers have to believe in the development and reliability of the industry and therefore it will be especially important for property specialists to have the ability to explain transparently the available market offer. The sale of building objects is restored gradually, and the buyer should know clearly the processes, commodities and procedures to follow, "- explained Javier de Oro, the director of the real estate assets of Aliseda.

According to the company, the main trends that will shape the housing market in Spain in the coming year will be the following:

1. Top sold objects will be the second-hand ones. Sales of existing homes in Spain exceed new construction operations as a result of the reduction of the housing stock and the lack of new projects.

2. The main object of the market will be a three-bedroom house. The buyer will choose this type of housing, as the feeling of luxury and wellness begins from the feeling of space, especially when it comes to the permanent residence.

3. The foreigners will continue to buy a second home in Spain. The interest of foreign investors in the Spanish property was especially evident during the crisis and remains strong to this day. Foreign buyers have acquired the 65% of second homes sold in the country. However, if we are talking about the main residence, in this case only 5% is owned by foreign residents in Spain.

4. Increase of funding: the recovery of domestic demand. Greater access to credit financing will continue in 2016 and will help to increase the number of houses and apartments sold in the 15-20% compared to 2015, according to the experts.

5. Stabilization of prices in the housing market. The general trend of stabilization will prevail after several years of decline, although there are still Spanish provinces, where prices will most likely continue to fall. The price of land, one of the main indicators of the market recovery, grows in large urban centers such as Madrid, Barcelona and the Costa del Sol, and that is starting to spread to other areas such as Alicante, Cordoba and the Basque Country, among others.

6. Spain remains a country of buyers. Acquired with the possibility of renting and benefits to be gained from it, the Spaniards still prefer to buy residential property.

7. Housing is the most popular choice for investment. The ownership of a home remains a part of the Spanish "philosophy of life" because the owner feels protected by current law.

8. The cranes will return to construction sites in large cities. In 2015, it is estimated that the number of permits for new construction increased by about 20% and in 2016 it will remain positive, because of the large number of potential buyers.

9. Also new construction will definitely grow. The current indicators revolve around 50,000 objects, but is expected to continue to grow thanks to the new amount of building permits.

10. New heroes: young buyers. They will be more interested in buying residential property in Spain and will play a decisive role in this sector in the future.


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