Second-hand house prices will not fall any further, according to the Professional Association of Real Estate Experts (Apei), so now really is the time to buy a property in Spain.
The association brings together a network of 1,300 real estate agencies across Spain. Óscar Martínez, President of Apei, says the Spanish housing market has been ‘moving’ for the past two years now and housing prices have risen across the country.
However, “there isn’t much new construction, and this will raise prices further”, says Martínez.
House prices in Spain have risen by 6.3%, the highest increase registered since 2007, and by 4% across Europe, according to latest data from Eurostat.
The number of house sales in Spain is also following an upward trend with some 36,856 transactions taking place in June, registering a three year high, and an increase of 19.5% compared with June 2015.
As demand for Spanish property rises the cost of second-hand housing will “remain stable or rise slightly” this year, predicts Martínez. With experts warning that it is highly unlikely house prices will fall even further, despite Spain’s political uncertainty and the recent Brexit vote, so if you are considering purchasing a property in Spain don’t delay!