Spanish Property Market Shows Signs of Recovery – with prices in the second quarter of 2013 rising for the first time in 6 years!
Can it possibly be true? A glimmer of hope on the horizon for Spanish Property owners, many of whom have seen the value of their Spanish properties plummet over 40% following the economic downturn of the last 5 years.
News reports of the last few years have focused on prices crashing, distressed ex pat owners handing their properties back to the banks or being repossessed and returning to the UK to live on benefits having lost everything. Major Spanish Developers have gone bust, thousands of Estate Agents in Spain have closed their doors , construction sites and whole new town projects have been abandoned and left half finished.
Recent market reports, however, suggest that prices in Spain’s most desirable locations; Marbella, Mallorca, Barcelona, Ibiza have started to rise fueled by new interest from American, Russian, Chinese, Indian and Middle Eastern buyers and investors seeking Spanish residency via property purchase in Spain or investment in businesses in Spain.
International buyers are driving the luxury property market upwards especially in Marbella where Russians are snapping up multi million Euro Villas in La Zagaleta, Villas with sea views in Sierra Blanca, Mansions on The Golden Mile and other prime locations from Marbella to Sotogrande.
Local businesses in Marbella, private Hospitals in Marbella, International schools in Marbella, bars and restaurants from Marbella to Gibraltar have all, in the last year, adapted to this influx with many of them employing Russian speaking staff, teachers, waiters, hairdressers and Doctors and nurses. New Russian Property Agents, Lawyers, tax advisors, Beauty clinics even Russian locksmiths are popping up everywhere almost on a daily basis!
British buyers also appear to be gaining new confidence in re entering the Spanish Market and in July 2013 The Move Channel reported that demand for Spanish Property had surged to an all time high!
Prices of Property in Spain are on the very very bottom and now with real signs of an upturn in the Spanish Property market, 2013 is the time to buy your dream home in Marbella!
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