British citizens have long had a love affair with the Spanish property market and like any love affair; it’s had its fair share of ups and downs - and not just financial ones.
While the economic crisis of the late noughties caused issues throughout Europe, there is no disputing the fact that Spain had its own, entirely domestic, property issues.
The Costa del Sol became massively overdeveloped
There was not only extensive, and rather questionable, legal development of sensitive areas along Spain’s southern coastline, but also numerous instances of illegal developments, which entrapped a number of British buyers in a wide range of expensive complications.
At the time, the Spanish government had other priorities and since then it has taken what is arguably the most pragmatic approach to dealing with the situation, namely clamping down on illegal activity in the present while allowing existing legal cases to run their course.
This attitude is, of course, not likely to be a great deal of comfort to those who bought when the illegal building epidemic was in full flow but does mean that those buying now can do so with confidence, especially if they enlist the services of reputable local property professionals to double-check the legality of any property they are interested in buying.
UK home builders are now active in Spain again
Those looking for evidence that the Spanish property market has returned to life can simply take a look at what is going on there at the moment.
Not only are established properties showing clear price inflation as compared to the last couple of years, let alone during the time of the financial crisis, but there is a clear appetite for high-quality new builds and home-builders familiar to UK residents are helping to fill it with a new generation of Spanish property which blends in with its surroundings while also providing the sorts of facilities modern British home buyers have come to expect.
In a further sign of market confidence, international investment funds are also supporting home building in Spain, again, with a focus on the respectful development of the Costa del Sol area.
There are still bargains to be found
The image of the British retiree in Spain dividing their days between golf course and the beach is something of a cliché, but it is grounded in a fair bit of truth. Properties in the near vicinity of either golf courses or beaches both tend to be very popular and properties in the near vicinity of both are, of course, the pick of the bunch for many people.
At the same time, however, Spain has much more to offer than golf and beaches and those prepared to go slightly off the beaten retirement (and/or holiday) track still have a good chance of picking up excellent bargains for the immediate future, especially at the current time when some people may still be nervous about buying property in Spain before Brexit is finalised.
While this is an understandable concern, it’s worth noting that many countries around the world are happy to welcome retirees who can demonstrate that they have sufficient income to afford to live in any given country and it is highly unlikely that Spain will be an exception to this rule of thumb.
*For more information on buying property for sale in Spain, please contact Hopwood House.