Spanish Property Market Overview
The Spanish property market continues to show encouraging signs of growth. This has in large part been driven by increased interest from international buyers taking advantage of a weak euro.
There is evidence that property prices are still below the 2007 peak values in many areas. Indeed the well documented over-supply of properties in the Costas is slowly reducing.
New-build property developments have in many cases successfully returned to the market. This is most noticeable in the Costa Blanca and Costa del Sol
The Spanish construction industry is again making a significant contribution to Spanish economy.
Additionally the Spanish property market is no longer so dependent upon British buyers. Interest from northern Europeans, American and Middle East is strong.
According to the National Statistics Institute, almost 40 per cent of total purchases made by foreign buyers in Spain were in the Alicante region covering the Costa Blanca and Villamartin.
Other popular areas included the Marbella area, Barcelona and south-west Majorca.
Demand was strongest in the €115,000-€200,000 price band. Apartments or small villas near to the coast appear to continue to be the most attractive targets for international buyers.