Buying Spanish Property – Traditionally February and March are fantastic months for Buying your Dream Spanish Home in the Costa Blanca South, Costa Calida, Murcia or Costa Almeria, but there’s a few extra reasons why buying this year in 2022, (and the earlier the better), could just be the best thing you do.
More Choice & Good Timing
The global Covid Pandemic caused lots of issues for both property buyers and property sellers, with restrictions having a huge impact on people being able to fly out, so sellers stopped advertising their properties for sale. Since restrictions have now been lifted and there’s more airlines are increasing flights to and from Spain’s airports, sellers have started to re-advertise their properties for sale, which has resulted in a fabulous range of properties hitting the market. There’s now an excellent choice of Apartments, Townhouses, and Villas in our specialist regions, with budgets for everyone, regardless of whether you are working with a budget of €100k or €1m. Let’s not forget that buying your dream property in February or March could also mean you are there just in time for the Easter Holidays (depending on the length of the buying process) or easily in time for the Start of the Summer Holidays.
UK Restrictions & Pre-Arrival Tests
Another reason for the downturn in the market during the pandemic, was the testing that was introduced in the UK, both pre-departure and pre-arrival, which in some cases would add hundreds of pounds onto your trip. The pre-departure tests were scrapped a while ago, but the good news is that since the 11th February, you no longer need a pre-arrival test, nor do you need a Day 2 test, as long as you’ve been fully vaccinated. The new rules in the UK mean that you also don’t need to self-isolate, so even though there are still a few restrictions in Spain which you need to be wary of before you travel, it now means cheaper and easier travel, especially if you want to do a viewing trip just for a short space of time. Once you’ve decided on your property, whether you are buying for just a holiday home or you are buying for permanent residency in Spain, it’s also now easier and cheaper for your families & friends to come and visit as well during those glorious Summer months.
Higher GBP/EUR rate
Back in January of this year as reported by Spanish Property Insight, the GBP/EUR exchange rate struck a new 22 month high, and was circling around the €1.20 mark, which hadn’t been since February 2020. It’s a huge positive for Buying Spanish Property as it means they will undoubtedly get more for their money, and though over recent weeks it’s moved a little like a roller coaster as other global issues have been raised, it’s still looking highly positive and buyers should be looking to capitalise on this either by buying their dream home at a good rate, or at least securing a good rate with a currency company. Don’t forget that using a currency company can save you even more when compared with your bank.
New Build Property & Post Pandemic Construction
If it’s a New Build Property in Spain that you are after, then also back in January, as reported by The Olive Press Spain, New Home Construction in the Costa Blanca is rising quicker than before the global pandemic, with official figures showing a 12% rise in the last three months of 2021, compared to the last three months of 2019. Alicante had the highest growth of New Builds with 1026, followed by San Juan, Elche and Orihuela Costa. 27% of housing in 2021 was New Build in the Vega Baja area, with the Marina Alta and Baja areas accounting for 25%. Developers now also have a lot more confidence in the market, and are demonstrating that with a plethora of New Developments hitting the market.
A Potential Mini-Boom = Higher Prices & Reduced Property Numbers
Much like in 2007 and 2008, experts from across the Real Estate Industry are predicting a mini-boom in the Spanish Property market, and this will only encourage sellers to increase their prices in order to capitalise on the increased demand. There are small signs of this happening already, and though it’s not in full force just yet, if the experts are right, then the price of your dream home could be more expensive in 6 months’ time than it is now, which may mean you can no longer afford the house of your dreams. As recorded by Spanish Property Insight, there were record home sales in December 2021, with an increase of 17% on the previous December and over 72,000 residential homes sold. Sales are even up by 26% when compared to pre-pandemic levels of 2019. Increased demand for houses also means that they are being snapped up quicker by eager property buyers, and on the ground there will potentially be a shortage of properties for sale. As a result this will also potentially drive up the price, as demand will outstrip supply.
Simply Spanish Homes are Specialist Real Estate Agents based in Murcia, and we cover the regions of the Costa Blanca, Costa Calida and Costa Almeria. We are customer focused and work hard for both the buyer and the seller trying to achieve the best outcome for all parties. If you are looking for a dream home in any of those areas, and would like us to join you on your journey – please do contact us, and we’d be happy to help.
Thanks to La Torre Golf Resort for the images…