Back in 2012 an exodus was taking place in Spain, as expats reluctantly left their dream behind. This retreat continued right on through to 2013, through to the beginning of 2014. The major points of departure were the Costa del Sol, Barcelona and many other high expat coastal areas in Spain. So what was the catalyst for this sad state of affairs? It was of course, the property crash in 2008.
But fast-forward to 2015, and you see an entirely different picture; a complete turnaround is taking place, and the future looks bright. It’s not only the expats that are making a comeback it’s also the property market in Spain. If you haven’t already heard, now is the time to buy property in Costa del Sol.
Fitch Ratings Agency Gives us reasons to be positive about Spanish property
A couple of years ago, it would have been inconceivable to see the words “positive” and “Spanish property” in the same sentence. Real estate in Spain and any sort of positive outlook seemed farfetched not too long ago. However, since the second quarter of 2014, the property market has continued on an upward trajectory; today property prices are in fact finally stabilising.
Fitch had only good news on their report, which included information about home prices increasing for two consecutive quarters, with no further decline in property values. Property sold in the first three quarters of 2014 had depreciated in value by almost 70 percent. These developments and more are expected to restore faith in the real estate market in Spain during 2015.
At the end of the day, Fitch see the outlook for the Spanish property market in 2015 as positive with price stabalisation being consolidated and Spanish mortgages becoming more readily available, thus stimulating demand. With so much good news on the horizon, once again prospective expats, particularly from colder climates, are itching to get back to the sunshine. Is now the right time to move to Spain?
Let’s look at the best possible reasons why you should consider Spain as your top destination.
1. Property market recovery and stability
IMAGE property-sold-marbella As stated above, now is indeed the time to reconsider your property investment in the South of Spain. The Costa del Sol, Marbella and Nerja saw a decline of course during the property crash; however, it wasn’t as bad as other areas of Spain. In fact, foreign investors helped push Marbella and the Costa del Sol to top position once again. It is a fabulous place to buy property, and millions of tourists still flock here each year. In 2014, Malaga province had a record breaking year in tourism, with a reported 10,194,000 tourists, a 7.3 percent increase from 2013. This massive rise in tourism also produced an 11 billion euro boost.
2. The cost of living
Compared to the UK and Scandinavian cost of living, Spain remains one of the lowest in Europe. A cosmopolitan lifestyle, of good food, wine and superb facilities are available at a fraction of the cost of other countries. The cost of owning property on a Spanish urbanization is also low, with maintenance and admin fees often falling below just a few hundred euros per month. All you need is patience and the right advice from the right estate agency to find you exactly what you need.
3. The health care
Back in 2000, the World Health Organisation compiled a report about the Spanish health care system, which netted Spain a place in their top ten. In fact, the Spanish health care system was rated seventh in the world. Hospital staff is well trained, facilities are all modern and up-to-date; locations are well-equipped and clean. The best part is it’s not only the doctors or hospitals that can provide a healthy environment it’s also the sunshine and the plethora of healthy outdoor pursuits. The climate in Southern Spain is famous for its restorative properties, and it is known to significantly decrease the symptoms of allergies, heart problems, arthritis and more.
4. The sunshine
If you should decide to buy a property in Marbella, there are several things you can expect when it comes to the weather. Because Marbella and the Costa del Sol are surrounded by mountains, it provides what’s called a micro-climate. This means you are treated to over 300 days a year of sunshine, and if you like Golf more than likely you’re already palpitating over the property opportunities. The average temperature per year is 20 degrees Celsius, providing the perfect conditions for outdoor activities – all year round. Hiking, sailing, biking or even skiing in Sierra Nevada all await you.
5. The food and drink
Even though Spain is not as renowned for its cuisine, like perhaps Italy or France, it does have a lot more to offer than just Paella and Sangria. Spain’s cuisine and its distinctive blend of flavours are deeply rooted in its history. Because Spain, particularly Andalucia, was occupied by the Moors, you can expect a unique blend of spices and fruits within your dishes. And of course there is the Sherry and vineyards producing some very fine wine!
6. The Spanish way of life
You can expect siestas, fiestas and a mañana approach to life – everything can wait until tomorrow. In order to truly assimilate while you’re here, you will need to first slow down and take it easy. The Spanish definitely ‘work to live’ and regard their family as the top priority. With such a relaxed approach to the clock, what’s not to like… you’ll soon get the hang of it all. Of course you could always visit first and see for yourself. If you haven’t already been here, we suggest you plan your next holiday destination on the Costa del Sol. With miles of sandy beaches, delicious food and a night life to test even the most ardent revellers, it won’t be long until you won’t be able to resist buying your own Spanish property. If you need any more reasons to buy now, check out the top 25 reasons you should be in Spain right now from BuzzFeed.