Spanish daily newspaper ‘El Mundo’ recently reported that the Spanish housing market has bottomed out and signs of recovery are expected next year.
This prediction is based on the increased interest from banking giants such as Goldman Sachs and Blackstone which have started to expand their Spanish property portfolios. And if the banks are buying, it suggests that it is a good time for all investors to snap up available prime real estate in Spain.
The small amount of economic growth reported by the Spanish government towards the end of the last quarter of 2013 means that the country doesn’t represent the same risk as it did five years ago, thereby making investment a much more attractive prospect.
Richard Moseley, Head of Investment Relations at Siesta Real Estate in Marbella, noted that the increase in tourism this year has already resulted in greater interest in coastal property throughout Spain. Now that prices appear to have bottomed there is potential for increased foreign investment approaching the levels of interest reached prior to the current economic crisis.
Although there is a vast overstock of properties in many of the coastal regions high quality real estate in prime locations is limited, which is why the smart money is expected to move fast in order gain the best advantage.
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