Your search results
Posted by Benoit Panissie on March 29, 2017
| 0

The Evolution of the Spanish Property Market

One thing is for sure, the Spanish Property Market is back on its feet! But what happened in the last 10 years?

We’ve made it easy for you and created this awesome infographic so you can see where we are today and where we’ve come from!

evolution of the spanish property market

 

2007 – Crisis Starts

Northern Rock is the first casualty of the subprime mortgages in the UK

Lehman Brothers dissolve and this starts a snowball effect in the US economy

2008 – the EU follows suit

Banking current accounts in Europe in deficit – pushes the economy into freefall

Bank of England lost complete control since it was introduced in 1997 – fuels the economic disaster

2009 – Bail-outs start

The big story worldwide – Tax payers bailing out the banking system – buying confidence worldwide at zero!

The property market is at a standstill

Big developers and Estate Agents close down

Unfinished developments are left dead on the Costa del Sol

Currency markets are at its lowest point ever recorded

2010 – Banks Capitalise

The banks capitalise on owners and developers that are defaulting on their payments

The stock market is at its lowest point

The majority of property buyers disappear

Property market lost 50% to 80% of its value compared to 2006

2011 – Bank Repossessions are rife!

The main headline – Banks market the repossessed properties and developments that defaulted their payments in the past 2/3 years

New properties are now available to purchase with drastic price reductions for a quick sale

2012 – UK Vendors sell out

Uk vendors take advantage of the currency crash to repatriate their finds back into pound sterling

2013 – There’s bargains everywhere!

It’s a buyers market, cash rich property buyers hone in on great bargains

Repossessions are now SOLD OUT, banks have sold the majority of their best properties. Some 80% below their original value

Bankrupt unfinished developments are  now being sold by the banks to hedge funds and big private investors, mostly from the USA

2014 – Buyers confidence on the increase

The markets confidence is slowly returning, buyers confidence is on the increase

Some markets pick up again along with the currency exchange

New products on the Costa del Sol are coming on the market. Unfinished developments are being completely refurbished to be launched soon at incredible prices

2015 – Construction commences

Finally constructions & refurbishments are seen again on the Costa del Sol

New nationalities are buying on the Costa del Sol. The Scandinavian and Francophile markets take a leap as the biggest buyers leaving the UK in third place

Out with the old, in with the new. Brand new developments are launched and sold in a matter of just a few weeks

2016 – increase in buyers on the Costa del Sol

Breaking news – 2016 witnesses the first major increase of buyers on the Costa del Sol since 2006

Normality resumes, the best repossessed unfurnished developments are sold out with just a few units remaining

Confidence recovery – For the first time in 10 years, vendors negotiate less and some increase the asking price

It’s been 9 years! Off-plan is back offering modern contemporary properties at unbelievably high quality and standards

Priced to sell – Most off-plan launches are sold out in a matter of 2 to 4 weeks

2017 – NOW IS THE TIME TO BUY!

The market has returned and is flourishing! Property prices are reasonable and make for great investment.

To learn more about properties available for sale on the Costa del So, give me a call, I am happy to chat!

Leave a Reply

Your email address will not be published.

Subscribe To Our Newsletter
Subscribe to our email newsletter today to receive updates on the latest properties for sale on the Costa del Sol!
We respect your privacy. Your information is safe and will never be shared.
Are you sure? Your dream home might be the next one on our list!
×
×