Following news that things are continuing to recover for the Spanish property market, debt consultancy company EU Property Solutions is weighing in on what the rise in mortgage lending could mean for those who have chosen to invest in property in the country.
House prices have been steadily increasing in the region since 2007, with figures released by the National Statistics Institute’s housing prices index showing that there has been a year on year rise 0f 6.7%.
While the market continues to bolster and new home prices are expected to rise by 5.5% this year, EU Property Solutions are encouraging homeowners or anyone considering investing in property in Spain to remain vigilant and keep an eye on the market, especially given the countries chequered past.
James Bell, Director of EU Property Solutions says, “Spain has always been a popular choice for Brits looking to retreat to the sunnier side of Europe thanks to its pleasant weather and easier way of life.
“In the past, the property market in the country has been significantly bleak, with many Brits being caught in the crossfire of the countries property market crash and losing out on large sums of money.
“While the new figures suggest that things are moving in the right direction, it could mean a number of setbacks for those who own property and are looking to sell. Competition might be steeper and as the economy improves, people with variable or tracker mortgages might find that their interest rates increase, meaning that they will have to fork out more money on monthly repayments.”
It’s not just the property market that is improving in Spain either, as figures are suggesting that the exportation of capital goods and services is also contributing positively to the economy. It is predicted in 2017 the property market will have accounted for 11.2% of GDP growth.
For more information about EU Property Solutions visit: http://eupropertysolutions.com/
EU Property Solutions are the industry experts in problematic property across Europe, providing positive solutions to property associated debt. The company helps clients and associates to move out of negative equity and on with their lives.