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Are you looking to secure a Spanish mortgage? We recently reported on the strengthening of the Spanish property market; recent research from a Spanish bank has cemented this sentiment, suggesting an increase in property prices in the country is on the cards.
Following a period of economic uncertainty over the last nine years, the country’s economy is bouncing back, with levels of gross domestic product set to exceed that of pre-2008. Now, property companies are also reporting growth, suggesting now may be the time to secure a Spanish mortgage.
Research from Solvia, the real estate arm of Sabadell Bank, suggests a 7.3% rise in average house prices over the next three years to 2020. However, this is caveated by the likelihood of variations across regions.
Catalonia and Madrid are set for the strongest demand, according to Solvia, who predicts house prices rises of 11% and 14% respectively.
Furthermore, Bankinter – another Spanish bank – forecasts an increase of 4% by the end of this year, and 4%-5% in 2018.
When it comes to transactions, Solvia expects growth increases of 7% and 8% until 2020, and Bankinter predicts even quicker increases due to exceptional demand. Barcelona, Madrid, Malaga, Alicante and Seville experience the highest demand to transactions are expected to be strongest in these regions.
In the Balearic Islands, Engel & Völkers reports high demand for property in Ibiza, with properties selling faster and more frequently. Indeed, the agent states that supply is not meeting demand, such is the high level of interest in property on the island from clients from all over the world.
Ibiza Town is undergoing major redevelopment at the moment, attracting excellent demand. Furthermore, property purchasers continue to be drawn to the more exclusive locations in the south and southwest, where traditional fincas and designer villas can be found.
If you would like to discuss your options in the Spanish property market, or any other European location, please do give us a call. Our international brokers have experience in the Spanish property market, and can put you in touch with the appropriate specialists to ensure your transaction runs as smoothly as possible. To speak with our expert team about investing in the region by securing a Spanish mortgage, get in touch today.