Spanish Property Prices Set to Rise By 6.3% in 2016
Do you like the idea of living and buying a luxury
home in the Costa del Sol and having the right to reside in Spain? The Golden Visa
definitely appeals to many.
Whether you’re buying as an investment or to live there
yourself, the Spanish property market is becoming more appealing these days.
There has been new analysis done by Spain’s Caixa bank’s
property division. They found that some areas of Spain could see a property
price spike of up to 6.3%.
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| Now is the time to buy property in Spain |
In the beginning of 2015 the trend of falling house prices
finally stopped. As a result house prices are set to begin rising this year.
Caixa believes that house prices will increase most in the popular areas of the
country such as Costa del Sol, Barcelona, Madrid and the Balearics are also set
to see big house price rises.
Prices will still go up a fair bit in other inland
areas of the Costa del Sol and Andalucía, where it will rise by around
3.3%. Affordability is still the key part of the Spanish property market
though. Since 2007 the average house price is still roughly 40% below record
levels.
House prices hit a real peak in April 2007 when house prices
rose to €2,952 per square metre. Nowadays a home in Costa del Sol sells for an
average of €1,619 per square metre. Overall a three bedroom apartment in Costa
del Sol will cost around €161,900.
It’s difficult to come up with an average price in Costa del
Sol. There are just too many variations in house prices. The data does still
show how trends may change however. The data suggest that in 2016 house prices
should rise in even the lowest ends of the market.
House prices in better areas such as Marbella will continue
to rise. They have been on the increase since 2014.
Of course this means that more people are going to become interested
in purchasing property on the Costa del Sol. The amount of houses being
bought in general should increase by as much as 13%.
