While London house prices slide down post-Brexit, reports from Spain reveals the property sector is on the rise
Reports from across the continent reveal that Spanish house prices are rising to their pre-crisis levels. This of course indicates strong demand for property in the area. In fact, Europe as a whole is looking ripe for investment, despite political and social unrest amid the refugee and migrant crisis.
Investing in the Spanish property market is an attractive prospect for many people. Yet it’s not just the hot climate and countryside that’s appealing. The recent news that London is no longer one of the most attractive European cities in which to invest has made many look further afield.
While it was once thought that London offers higher buy-to-let yields than anywhere else in the UK, the North West of England has since overtaken the capital in this respect. Yet back in October 2015, the Yorkshire Post reported that there were in fact 5500 houses lay empty in Leeds amid a housing crisis in the city. This is not for lack of demand for houses either; it seems that the sheer numbers of people looking for houses has brought the property market there to a standstill. As a result, the news about the burgeoning property market in Spain will come as welcome news to investors.
While many shrewd landlords and property developers would love to invest in property on the European mainland, many just don’t have the capital due to owning one or more empty properties they can’t shift in the UK. In this scenario a quick house sale to release some equity may be the best option. Trusted firms like Property Rescue are able to buy your property quickly if you are really up against it. If you aren’t, consider waiting for the buying market to pick up to give you a better ROI.
The need to act now
Yes, Spain has yet to fully recover from the financial crisis of 2008. Yet it was only two years ago in 2014 that experts were reporting that Spain was a hotspot for investment. Back then, Spanish real estate was still selling for an average of 30 per cent lower than it was just before the recession. With this in mind, it is important to strike while the iron is (still) hot and you can still find Spanish property at bargain prices.
Where to invest
While prime real estate in areas like Barcelona looks to be very much on the up, places like the Costa del Sol still offer property at prices 50 per cent lower than pre-crisis levels. Yet confidence in the market there is returning and buyer numbers are increasing on a daily basis. This means that this is surely the perfect time to invest in the Costas.