2015 was a funny year for the Spanish Property Market. It won’t be remembered as the year when things got better but the year when things stopped getting worse!
2015 saw the market become more stable. Property Sales and Mortgage Approvals began to increase and despite these improvements the property market in Spain is 63% than the peak and it is unlikely we will return to the pre-crisis frenzy and we still have a way to go to see equilibrium.
The internal market for Spain though is in a dire state. Currently there are high levels of unemployment (particularly in the country’s youth), a declining population, tighter lending protocols and also political uncertainty as we wait election results. Property markets hate uncertainty and the internal market in Spain is still in a period of turmoil.
In light of the above 60% of property sales in Spain in 2015 where accounted for by overseas purchasers. Without an overseas market the property market would be very small!
Property prices are currently at levels we saws in 2004 and in 2016 we predict further overseas investment in Spain. Despite the turmoil in recent years Investors continue to be attracted to Spain and in particular the Mediterranean coastline. There are also huge amounts of supply in Spain. 2016 will see prices again increasing slowly and bringing further stability.
This year looks very exciting for EU Property Solutions. Given the market improvements are slow we will still see high levels of interest in our Negative Equity resolution service. We can provide 4 different methods to assist borrowers trapped in Negative Equity in Spain. This is our primary level of expertise and many come to us thinking they are “mortgage prisoners” with no route out of their burden. We assist in disposal of the asset and negotiation of the mortgage shortfall balance.
Thanks to our ongoing efforts in the South of Spain we can secure finance for property purchases and if you want to buy or sell have excellent links with reputable agents who can give you guidance to purchase your home in the Sun.
Should you be interested in our services please call us on +44 (0) 330 124 1230 and we can arrange your free initial consultation.