If you are thinking of, or are in the process of buying a property in Spain, you may be asking yourself if this is the right time to do it. Let’s face it, we’re living through very unusual and unpredictable times. The coronavirus pandemic has halted the moderation phase that Spain was entering with the purchase of properties, especially on the Mediterranean coast.
Spain, known for being one of the places with the best quality of life, is also the number one destination for European property investors and second-home buyers. Especially Costa del Sol, where millions flock to spend their holidays in the sun every year.
The crisis has encouraged investors to expect the Spanish real estate market to provide investments opportunities you can’t miss. Predictions are that this price drop will not last long. Experts predict Spain will get back on its feet more quickly than it took to recuperate from the financial recession of 2008. There are clear indicators that the smart move is to invest in property now, take advantage of the market dropping before it starts going up again soon.
Luxury homes are the best buy right now
An interesting focus is on luxury homes for sale in the coastal regions, especially Marbella and its surrounding area. Yes, to buy a luxury property in Spain, you have to have a significant amount of money at hand. The opportunity here is that the present market enables people to afford more for their money. Luxury homes are much more accessible presently as people want to sell. Getting a hold of what is honestly, a dream home for a much lower price is an attractive proposition. Plus indicators show that just as these luxury homes are dropping in price more drastically than other properties, they will also increase in price more quickly when the market starts to stabilise again. Meanwhile, you get to enjoy an impressive home, located in one of Europe’s most prestigious locations at a fraction of the price.
The benefits of buying a home in Spain right now
2020 is expected to be the best year in a long time for real estate investments. Especially for Europeans who come from higher-earning countries and have the money to make the buy. This year gives northern Europeans the opportunity to acquire their castle in sunny Spain at a fraction of the price.
Excellent rental income potential
It is also an excellent investment opportunity because Spain is the 5th most visited country in the world by tourists. In these unprecedented times, people look to rent homes for their holidays rather than going to hotels. It provides Spanish property owners with an excellent rental income opportunity, more buoyant than it has been in the past.
The cost of living is lower
The cost of living in Spain is much cheaper than in other European countries. Spain has also become a great alternative, not only to retire but also for younger people who wish to live in the country permanently. Many choose to relocate their entire family to Spain because they can provide them with a much better quality of life than they could afford back home.
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