2022 has been a good year for the Spanish real estate market, with demand for property back to pre-Covid levels. Data from the National Institute of Statistics shows that 2021 generated the best figures in property sales for 14 years.
If you are thinking of investing in a home on the Costa Blanca, read on for more information on the Spanish Real Estate Market…
The return of foreign buyers
Foreign buyers have once again been snapping up properties across Spain, with both sales and purchases back to pre-pandemic levels. The top foreign buyers are Brits, followed by Germans and French, with Dutch and Irish buyers purchasing more properties in Spain than in previous years.
Statistics from Spanish notaries reveal that foreigners carried out 63,934 property transactions in the second half of 2021, 41.9% more than in the second half of 2020.
Foreigners also accounted for 18.6% of all sales and purchases across Spain, spending 14.3% more in the second half of 2021 compared to 2020.
Here in the Valencian Community there was a 44.9% increase in property transactions by foreign buyers, and in Benijofar, Benimar and Formentera Del Segura we have seen a noticeable increase in British, Dutch and German nationals buying properties so far during 2022.
As well as helping our foreign clients search for their dream homes in Spain, we can also help to obtain NIEs, write a Spanish will, and walk them through the whole process from viewing to completion.
More Spanish home buyers
Being forced to stay at home for so long during the pandemic got many people in Spain thinking about their properties, with many now in search of larger spaces and outdoor areas.
Savings are higher than in previous years, the result of a couple of years’ of a much quieter social life than usual for a lot of Spaniards, and they are ready to invest these savings in property. In fact, savings in Spain increased to 75,000 million euros!
Along with higher savings, financing is currently better than ever in Spain. Financing options are at a record low with fixed mortgage rates being the lowest.
The team here at Benigest have been working with the major banks to get the best mortgage deals for both our national and international clients, with some great mortgage options available between 60% – 100%.
Demand for second homes is growing
The demand for second homes across Spain has increased by 50% since mid-February, and it seems this figure will continue to increase in coming months.
The Costa Blanca area has seen a huge demand for second homes, mainly from buyers between 40-65 years of age looking for properties along the coast.
If you are looking for a new property in Spain, whether as your main residence or as a holiday home, get in touch with the Benigest team today. We can help with your property search and even offer virtual viewings for buyers not yet in Spain.