Stockholm hosted the 61st Eurovision Song Contest recently as millions of people from all over the world tuned in to witness the weird and wonderful spectacle of the event. Competing just as many times as Sweden but without the enviable scorecard, Spain’s last win was back in 1969. However, it is Spain’s real estate that is faring much better in comparison to its Eurovision competitors.
Spain’s property market looks set to receive maximum points this year as sales to international buyers continue to soar and overseas investors are returning in their masses.
The majority of these purchases are by fellow Europeans, with UK buyers leading the way and accounting for 21% of all sales in 2015. However, according to the latest report from the College of Property Registrars (Registradores), demand from this year’s Song Contest host country is rapidly increasing with 2,755 sales completed in 2015, 6% of the total amount.
When comparing the two housing markets, recent figures from the Organisation for Economic Development highlight just how different the current situation is for both countries. The OECD research, which has been running for over a decade, plots local prices against typical wages and then sets this against the long-term average. This year’s results reveal Swedish property is overvalued by a staggering 114%, the UK’s market overvalued by 7% and Spain’s real estate being noted as undervalued by 26%.
These statistics point out to overseas buyers that it is still possible to acquire a bargain when buying in Spain, and it would seem the Swedes are keen to take full advantage of this. Spanish homebuilder, Taylor Wimpey España, have witnessed a significant rise in Swedish buyers this year. Overall, the total YTD sales as of April 2016 have risen dramatically in comparison to last year, with the number of Swedish buyers increasing by a colossal 220%.
Marc Pritchard, Sales and Marketing Director for Taylor Wimpey España, is delighted that overseas buyers, especially those from within Europe, are returning to the Spanish property market and believes this will only increase throughout 2016. He explains, “The Spanish housing market has experienced an encouraging start to the year and with an increasing number of overseas buyers looking to Spain, I would expect this positive trend to continue during the coming months.”
Panorama Mar is Taylor Wimpey Espana’s new frontline development, situated in Punta Prima, Torrevieja. This private residential complex offers an array of two and three bedroom apartments, with two bathrooms and an underground parking space. Each apartment in the first phase is south facing and therefore has spacious terraces and stunning views over the Mediterranean.
While being an area of natural beauty right on the waterfront, Punta Prima also has excellent transport links. The San Javier Airport in Murcia is only a 30-minute drive away and Alicante’s International Airport is just 45 minutes from the development.
Visit: www.taylorwimpeyspain.com for more information.