Spanish property market shows recovery

Spanish property market shows recovery

The crisis of the Spanish property market seems to have finally come to an end. Year after year, from 2007 until 2015, the Spanish property market suffered from devaluation. Finally, it turned in 2016, when there was a slight price rise (1,6%), that became stronger in 2017 (4,4%) and seems to increase even more in 2018 (6%).

Spanish property market shows increased demand

The demand for Spanish property shows a strong increase. In 2017 the number of sales rose to 464.423 properties, which represents a growth of 14,6%. This growth is mainly due to the demand of foreign buyers. Approximately 60.000 houses in Spain were purchases by foreigners. Especially the “Costa´s” and the large cities, like Barcelona and Valencia, are popular amongst the foreign buyers/investors. Most foreign buyers come from Engeland, Germany, France, Belgium, Italy, Sweden and The Netherlands.

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Spanish land grab law

Spanish land grab law

The issue of the Spanish land grab law revolves around three classifications of land – land already urbanised, land suitable for urbanisation and rural land. As in any developing country, Spanish rural land is sometimes re-classified by the local authorities as suitable for urbanisation (development).

What about Alicante and Valencia?

Unfortunately, in the Valencia area of Spain the land grab law was badly drafted. In Alicante it was allowing a small number of developers and local authorities to exploit the situation, principally in coastal areas where land is in shorter supply and values are at their highest. It led to land expropriation of innocent private owners and compulsory payments for roads, streetlights and so on.

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