Introspective view helps Spanish market
Selling a property in Spain used to be a piece of cake just a few years ago, as investors (mainly from the UK) fled to Spain in their hoards seeking out a life in the sun. Demand in the Spanish property market soared and construction ran with it but with a momentum that was ultimately to drown the market.
From the height of the boom, when agencies could easily sell twenty or so properties a week, now they’ll be lucky to do one so now, trying to sell in a market of decimated demand and give away prices, agents are rethinking their strategies.
UK investors may be wary about returning to the market but they’re not the only source of demand and would-be buyers from France, Germany, and Spain are being eagerly targeted.
Southern resorts in Spain are favourite (especially with investors from northern Spain), typically more financially affluent than their southern counterparts and keen to find a second home in the sun.
The other benefit of these eurozone buyers is exactly that – no currency pressure, and with property prices in Spain as they are, the job of absorbing the over supply has begun.