Tom Powell
THEY’RE back in a big way – and the exchange rate means Britons will be buying even more Spanish property this year.
Britons bought more property than any other foreign nationality in Malaga province last year, helping trigger a 28% rise in sales.
Of the 23,929 homes sold, 38% were to expats. In fact, foreigners buying property in Malaga has almost doubled in the past two years alone, from 5,140 in 2012 to 9,000 in 2014.
After the British buyers, the Scandinavians came second, while the French were third, then Benelux buyers, Germans and Russians in that order.
Meanwhile, property purchases by Spaniards also rose by 29% last year, as figures almost returned to pre-crisis levels.
Nearly a third of all the properties sold in Malaga province were in the so-called Golden Triangle of Marbella, Estepona and Benahavis, which saw an incredible 6,821 properties sold last year, topping the 2007 pre-crisis levels.
The last quarter of the year registered an incredible 2,030 sales alone.
But we were told by the doomsters here this wasn’t happening!
When a market collapses and prices hit rock-bottom it would be very surprising if some recovery wasn’t made some 8 years later. I don’t recall anyone saying the market was not picking up, just that prices had collapsed. With between 300,000 (AUUN’s figure) and more likely 1,000,000 illegal houses in Spain currently, I really feel concern for these buyers, many of whom will be offloaded with irregular and “legally problematic” properties. We have seen how Spain treats foreign buyers and my gut reaction is that nothing has changed on this front.
Last Wednesday’s change to the Penal Code will make a difference and will probably help to increase confidence in the Spanish property market but there is still more to do. Hopefully this new law will deter further demolitions because nobody is going to want to pay for them but the planning laws in Andalucía need to be reformed, particularly in rural areas. At moment, the default answer to everything is “no” when in many cases, it should be “yes”, a much more positive word – why should people automatically be refused permission to build an extension (within reason) or a pool. It will take a long time for the demolition horrors stories to fade away and for people to have the confidence to buy in large numbers again. There are thousands of unsold properties of all types in all areas of Spain which will take years to mop up and this will keep prices down. My verdict: a step in the right direction but still much more to do.
Off to Malaga today to our place near Marbella, will let you know what the market is really like, will pop into a few Costa agents and a few inland as buyers and sellers to hear both sides of the story and check on Se Vende signs. You need to visit the CDS Quiddy Squibby, you’ve not been yet, you might like it.
A little birdie tells us that forum poster GUAQ,ED, EDS etc etc Richard (call me Dick) etc etc is also one and the same as Trampa501 on HousePriceCrash, checked it out and sure is, gosh just how many names and websites can someone have? Can’t leave any time to sell books at 3 for £4, and mugs.
May not make the 2nd launch party at weekend.
Seeing multiple offers on the same properties….defo picking up down here, mainly due to the exchange rate and some nice marketing from agents.
Depends what you believe. Latest figures out today show property sales fell 10% in January. Some of you must be seeing things.
Craig you sound like an agent and multi offers on properties is laughable.