Recovery in the Spanish Residential Sector?

News Date: viernes, 14 de diciembre de 2012

Recovering Spanish Property
Spanish Property Recovery on the Way?
The government’s efforts in providing residency to non-EU citizens buying property on the Costa del Sol for a minimum of 160,000 euros is making major headway in the turnaround of both residential tourism and the Spanish economy via Spanish property sales to foreigners. 
In 2009 the percentage of sales to foreigners stood at 4.24%, This figure has since reached as high as 9 % and currently levels at 6.04% - an impressive increase despite being smack bang in the middle of a full blown crisis.
Although the government’s efforts have played a huge part in these figures, the massive 30 per cent drop in Spanish property prices has surely played its part also, as buying property on the Costa del Sol is now at a level with the prices of 2003.
Both of the above reasons have played an obvious part in the recovery of the Spanish residential segment but there is one intangible asset that the Costa Del Sol (or the sunny coast) in the province of Malaga, Spain will always hold – 300 days of sunshine a year, with an average temperature of 19 degrees, and so because of this and despite the Spanish economic crisis – this region of Spain will always prove to hold a prominent international presence. 

Spanish Rental and Property News by News Desk

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