Housing Market Recovery skewed to the Spanish coasts according to research
Caixa Bank Research has this month released a an extensive report on the state of recovery in the Spanish housing market. The report, entitled ‘Demand for Housing: Uneven Growth’ shows a clear recovery in housing demand along the Spanish coasts.
The research makes a distinct correlation between overall recovery in the Spanish housing market with bettering financial conditions in Spain, such as improvements in credit conditions, economic growth and changing labour market. Caixa Bank explains that recovery in the Spanish property market as a whole is strengthening each month but there is a more pronounced recovery in some coastal provinces.
They highlight foreign investment in the housing market as a key element in particular areas, explaining that “more localised factors are pushing up demand for housing in certain zones, and particularly foreign demand”. They go on to explain that “foreigners buying second homes lie behind a large proportion of the sales recorded on the Mediterranean coast and Canary Islands”.
In fact, the report shows that foreign buyers account for over 30% of house purchases in the Balearic Islands, the Canary Islands, Malaga and Murcia. More broad results indicate that provinces with over a 10% growth in the housing market between April and June 2016 were located on the coast or islands, suggesting a foreign influence. This, compared to all other Spanish provinces where growth remained under 10%.
For information about buying property in Marbella and along the Costa del Sol please contact Siesta Homes on +34 952 90 87 05 or visit our website, siestahomes.com.