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Property prices in Spain for 2017

Spain is the most popular destination for Britons who want to relocate abroad, so getting really effective financial advice in Spain is going to be another on that list of priorities. Rightmove recently revealed that Spain is the most commonly searched for destination for would-be expats, with average monthly searches totalling 2.5 million. That’s an incredible 74% more than for France, the second most searched-for place by Britons.

The head of Rightmove, Chris Pease, commented on why Spain is in such high demand: “Whether it’s the large expat community, the sunny climate, the food or simply the easy transition into relaxed Spanish culture that has Britons enthralled, Spain’s proximity to the UK, cheap flights and short travel time has it consistently emerging as one of the most popular property destinations abroad,” Pease said.

When it came to specific places in Spain, Alicante, a province located on the Costa Blanca, came out on top with the most property enquiries. Of those, 62% were for houses, while the other 38% were for flats and apartments. But this should come as no surprise because Alicante has the largest British expat community in all of Spain. (That’s also the reason why Alicante is where you’ll find Blacktower’s Costa Blanca office for all the financial advice and guidance you need.)

Another contributing factor to Alicante’s popularity is that it has comparatively low property prices compared to the rest of Spain. According to Rightmove’s research, it had the lowest average enquiry price – at €126,054 – of the most favoured Spanish regions.

However, many prospective buyers are clearly not put off by high property prices, as Mallorca, which had an average enquiry price of more than three times that of Alicante (€397,813), was the second most searched-for property destination.

Elsewhere, another sought-after location is the province of Malaga, on the Costa del Sol. Within Malaga, lies Marbella, which has recently been labelled as one of the most expensive Spanish cities in which to rent and buy property this year. In a report by TechniTasa, it is said that rents are expected to exceed €1,100 per week this summer.

A similar report by Idealista concluded that Marbella was one of the top three priciest areas in which to buy property in Spain. It concluded that a family on average earnings would take 35.1 years to be able to purchase a property in the area. The city has seen one of the biggest property price increases along the Costa del Sol over the last year.

Overall, however, Andalucia, the autonomous community that Marbella is a part of, is still one of the cheapest places to buy property in Spain. So savvy buyers who search a little way out of the city could grab themselves a bargain.

According to the property website fotocasa, Andalucia is the eighth cheapest place in the country to buy property, with the cost per square metre of property at €1,490 – that’s around 11% lower than the Spanish national average. This makes the southern part of Andalucia cheaper than other autonomous regions of Spain, including Castilla-La Mancha, Extremadura, Murcia, La Rioja, and Comunidad Valenciana.

The prices of property in Andalucia have seen a dramatic drop since the 2008 financial crisis. Before the crisis, property prices peaked at €2,509 per square metre, meaning there has been a 40.5% decrease in the last ten years.

Wherever you wish to move to in Spain, whether it’s the expensive city of Marbella or in the cheaper, but no less Spanish surrounding areas, Blacktower is here to help you get your finances in order. We believe strong financial planning is key to reaching your goals. Contact a Blacktower financial adviser today.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

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