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The price decreases in the Canary and Balearic islands come as good news for property investors.
It has been suggested that buyers are becoming increasingly confident with the real estate market in Spain despite the negativity concerning Spain?s economy.
According to Clare Nessling, Director of International Mortgage Specialists, Conti, Spain is currently a buyer?s market due to lower housing prices and ?some very motivated sellers?.
Whilst the property market has been a nightmare for Spanish people, Brits who are looking to purchase a holiday home or investment property in Spain now have the perfect chance to do so with the poor British summer having us all dreaming of the sunshine overseas.
Enquiries from overseas property hunters to Spain are said to have risen by as much as 33 percent. Nessling added: ?Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it?s most certainly a buyer?s market.
?In addition, despite the ongoing eurozone crisis, the growing strength of the pound, which has been rising against the euro to levels not seen for around four years, is boosting the budgets of British buyers.
?These factors, together with historically low interest rates, are making it more affordable to buy in Spain right now. And signs that the market is improving are starting to lift the confidence of prospective buyers.?
The property price drop in Spain is even more attractive to UK buyers as the exchange rate between the pound and the euro means that Brits get an even better deal; better than they have been able to get over the past four years.
The property price decrease also includes those properties in the Canary and Balearic Islands where the value of homes has decreased by almost seven percent over the past year according to Tinsa?s Spanish House Price Index for June. This is especially good news for investors who are able to purchase property on a buy-to-let basis for the purpose of a holiday home as the islands are especially popular with tourists.
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