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Forecast Ibiza Property Market 2020 Aussichten für 2020
The latest report provided by the Spanish appraisals and valuations company TINSA, forecasts a steady moderate growth in the Spanish property market. According to this study in the first ten months of 2019, the average price in Spain shows a cumulative increase of 2.3%. Both new houses and old build homes have risen 16.6% of the lowest figure recorded during the crisis.
The forecast made by TINSA claims that the purchase price of properties will increase between 3% and 5%. Rafael Gil Moreno, head of TINSA market research, expects the average price of properties to increase up to 3% in 2020. The company expects a stable market, with no changes in supply and demand.
THE CASE OF IBIZA AND THE BALEARIC ISLANDS
The Balearic Islands, as well as the Canary Islands, are the communities where the interannual variation has been most significant, reaching 5.4% during the month of October 2019. The figure is two points above the indicator for ‘Capitals and large cities’ (which stands at 3.4%) and doubles the average for the Mediterranean coast (2.7%). Below you can see a comparative graph with the data from 2001, taken from the report « Tinsa IMIE October 2019”
SPANISH MORTGAGES
The prices of fixed mortgages are continuing to fall, to such an extent that there are already products on the market with better conditions than variable-rate mortgages. The main factor is the “war to attract customers and profitability”, as they state in the specialised property market portal elEconomista.es.
On the other hand, the Spanish Mortgage Association (Asociación Hipotecaria Española, AHE) declares that “the demand for fixed-rate mortgages continues to grow” as we face economic uncertainty and also because banks are encouraging these fixed rates, it gives them a higher return, higher prices and because it is still expected a long period of Euribor in negative.
INVESTING IN A PROPERTY IN IBIZA IN 2020
The island is a very popular holiday destination, thanks to its beautiful turquoise sea, stunning beaches and vibrant nightlife. For all these reasons there’s no surprise that the demand for holiday accommodation is soaring, turning Ibiza in the ideal investment opportunity. If you are thinking of buying a property In Ibiza as an investment, at GHL we can provide you with the advice you need. Check out our previous blog: Top Tips to Invest in the Ibiza Property Market. Want to know which are Ibiza rental hotspots? Check this out.
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