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ARCHIVED - Property sales continue to rise in Spain, and experts say now is a good time to buy
The Spanish real estate market is set to grow further in 2022, and investors recommend buying now before prices increase
The demand for buying property in Spain is still high, so much so that, if you look at the real estate market data, no one would say that the country is still facing a pandemic that is also affecting the economy and the number of workers on sick leave.
In the absence of sales data for the last two months of last year, everything seems to indicate that there will be well over 500,000 sales and purchases, a figure not seen since 2008, while the October 2021 sales figures alone were the highest since 2007.
Buyer euphoria has gripped the real estate market in Spain. This is due to the revitalisation of the buyers’ market after lockdown, coupled with a better savings rate of families and excellent mortgage and financing conditions, all of which have combined to lead to a year-on-year increase of almost 40% in property transactions in the first ten months of 2021.
What’s the most common type of property to buy in Spain?
The most popular type of property for buyers in Spain are brand new homes. In 2021, the sale of new builds grew by 39% year-on-year, while second-hand property sales grew by 35%.
Most of these were by people looking to buy a home for their own use, rather than to rent out, and focused mainly on the search for homes with larger surface areas, a market segment that had slowed somewhat towards the middle of 2021 but rebounded in the last quarter of the year.
Why are more people buying a house in Spain?
Recent research suggests that expats are buying more homes in Spain, especially in popular sunny areas like Murcia and the Costa Cálida, with the number of foreign nationals buying property rising by around 50% in the first half of 2021.
Historically low interest rates and the fear of a possible rise were the biggest reasons for this surge, although the truth is that no changes are expected in this regard, at least this year. These low financing costs kept the effort rate for buying a home below the historical average (at 30% of gross annual salary, compared to 34% historically), according to Bankinter.
What will happen to house prices in Spain in 2022?
The price of new and used housing increased by 4.3% on average in 2021, with the bulk of the autonomous communities in Spain recording average price increases of between 2% and 6%. The highest price rises were in the Basque Country (9.4%), the Balearic Islands (9.3%) and Galicia (6.8%).
In Murcia, meanwhile, house prices rose by 5% in November 2021 compared with the same month in the previous year, and this trend is expected to continue in 2022.
People will continue to buy more houses in 2022, with estimates of property transactions topping 550,000 units. House prices will almost certainly rise again, with experts predicting an increase by the end of the year of between 2% and 5% on 2021.
One thing’s for sure – if you’re looking to get on the property ladder in Spain, now is the right time to do it.
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Micasamo property search and selection in the Costa Blanca and Costa Cálida
The team of professionals at Micasamo are dedicated to helping you find your perfect home in the Costa Blanca, the Costa Cálida and the Region of Murcia in south-eastern Spain, and over the last twenty years have succeeded in assisting hundreds of happy clients to buy safely and smoothly in one of the most attractive parts of Europe.
In recent times searching for a home in Spain has become a little more complicated for British buyers for a number of reasons, but help is at hand through the selection of properties listed by Micasamo. If organizing an inspection trip proves problematic a video tour of selected properties is supplied, and at the same time it is easy to take advantage of the Micasamo team’s local knowledge and ask for recommendations.
Having lived and worked in south-eastern Spain for many years, the professionals at Micasamo have first-hand experience of all aspects of the area: not only the lifestyle, climate and food, but also practical topics such as sending your children to Spanish schools, organizing health cover – and, of course, how to navigate the labyrinth of legal requirements and paperwork which can be involved in purchasing a property!
They love living in Spain, and their aim is to ensure that you will too, matching their recommendations to your budget, lifestyle and family.
With dozens of golf courses in the area, the Costa Blanca and Costa Cálida are little short of a golfer’s paradise, and Micasamo have over 100 golf course and resort properties on their books, providing a wide selection of offers for both novices and experienced players. They are recognized as specialists in the prestigious La Manga Club resort, which boasts three 18-hole courses, and Roda Golf, but also have a wide range of properties on other golf resorts throughout the Region of Murcia and Alicante.
On top of that, of course, Alicante and Murcia have over 260 kilometres of coastline and beaches, providing a huge range of holiday home possibilities for those keen on water sports or simply soaking up the sun! If you’re not certain where to look, the perfect place to start might be the narrow strip of La Manga del Mar Menor, located between the Mediterranean and Europe’s largest saltwater lagoon (the Mar Menor), and Micasamo have a selection of homes ideally situated to enjoy this privileged location.
Contact the team at Micasamo to arrange your personalised guided property video tour, specially tailored to your own personal budget, needs and preferences – and don’t forget to sign up for their free Property News and Buying Guide to keep up to date with the very latest property updates and trends. This can even keep you in the picture with details of newly released properties which are not yet on the market, enabling you to snap them up as soon as they are available.
Once you’ve decided on your dream home in Spain, Micasamo can call upon the services of expert local lawyers and finance professionals to make sure that the purchase goes ahead smoothly and easily, and offer a full after-sales service including the set-up of utilities contracts, introductions to tradespeople and key-holding where required.
At the same time, of course, Micasamo are always looking to put more properties on their books and offer their professional services to vendors as well as buyers!
Contact them to organize your personalized viewing tour – either in person or on video – or drop into their office in La Manga Club.
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