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!
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!
