Property Market in Spain 2012/2013
Looking back on the previous 12 months Barbara Wood of the property finders in her annual report on the Spanish property market notes the significant differences between the second home market and the domestic market. She also points out that the second home market is divided into two sectors.
Figures indicate that the domestic market is still deep in a slump with potential purchasers suffering from the economic slump in Spain. She however states that overseas buyers increased throughout 2012 and expects them to be in the region of 20% higher than the previous year. She points out that the vast majority of purchases were made in the more desirable established inland and coastal areas with good infrastructure and services in place. Properties away from the established areas experienced a very different year with potential buyers steering well clear despite substantial downward movement in prices. She expects more of the same in 2013. She advises potential purchasers to be wary of official statistics which are notoriously unreliable.
Ian Cunningham of escapetospain comments " I would agree with much of the report. 2012 compared with previous years was still a very tough one but in the first few weeks of 2013 the feedback from our partner agents is that sales to overseas buyers are very much up on the previous year and this obviously bodes well for the remainder of the year. Sellers are now more realistic on asking prices and buyers are more confident in that the market is bottom or very close to bottom so are looking to take advantage of this"