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Change of Scenario in the Spanish Property Market
The Spanish property market shows the first signs of a slowdown. This year in Barcelona, for the first time since 2013, the property prices have fallen and although in some places like Ibiza or the bigger city of Madrid the house prices continued their upward trend, experts predict that there will be soon a change of scenario.
In the past years, the steady growing prices of properties in combination with the reduction of buying power have deteriorated dramatically an already fragile property market. This is therefore good news, with experts now forecasting a change in scenario, with a regulation of more moderate prices, even if affordability is not getting any easier.
Spain’s new mortgage law which came into effect in June 2019 is also affecting the property market. Experts have warned that this new law would have reduced the number of mortgages that are granted and as predicted this is happening, leading to a decrease of property purchases, especially by expats from outside the eurozone who now have less possibility to access Spanish mortgages.
The Spanish economy is slowing down and properties are slowly becoming cheaper on the sale market, while at the time time becoming a bit more expensive in the rental sector. Two sides of the same coin of a relative inaccessible market, especially for young people. Renting is becoming a common option in Spain, a country where buying your own house was once, without any doubt, the first option.
Investing in the Spanish property market will still be a good option, thanks to the tourist appeal. Here in Ibiza, we can witness how investing your savings in the right area will give you double-digit returns in the coming years. To know more about this, check out our previous blog Ibiza rental hotspots.
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