The Tide Is Turning For Marbella's Real Estate Market
In a presentation held at the end of April at the Fundación de Estudios Inmobiliarios, the Bank’s Director of Studies, explained that “the adjustment in the housing sector, in principle, has bottomed out” and that “demand, supported by foreign purchases and, more recently, domestic interest, shows signs of stabilising.” Similarly, the Colegio de Registradores—Spain’s Registrar Association—reports that 90,500 sales were recorded between January and March 2015, a 16,30% increase over the previous quarter. Appetite was strongest for re-sales, whereas the new-build market continued to contract. Resale prices grew by 2.65% year-on-year, “consolidating the trend seen in 2014,” according to the Colegio’s analysts. The highest number of transactions was recorded in the regions of Andalusia (19.4% of the total), Madrid (16.22%), Cataluña (15.78%) and Valencia (13.76%). In particular, Madrid’s prime real estate market has been thriving for some time now, bucking the trend for muted growth that’s gripping many of Europe’s urban hubs. According to global real estate advisor Knight Frank, luxury real estate prices grew by 4.9% between March 2014 and March 2015, putting the Spanish capital in 15th place in the league tables of world cities and second (after Dublin) among European ones.
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Posted on March 24th, 2016