The latest market reports from Lucas Fox International Properties, suggest that the rise of the dollar, pound and Swiss franc against the euro has led to an increase in demand from UK, US and Swiss buyers.
“With unemployment falling, the economy growing faster than predicted and property reaching the bottom, 2015 is set to be a pivotal year for Spain’s property market. Prices are on average 40% below what they were since the start of the crisis in 2007 and we predict a slow and steady recovery. This is an opportune time to invest,” says Lucas Fox co-founder Alexander Vaughan.
The report says that 2015 is expected to be the most significant year of recovery for the prime market in Barcelona since 2007. Price movement in the prime residential property market for the Costa Brava region is not expected this year, though sales volume is predicted to increase.
The Marbella residential property has also seen strong growth in foreign property ownership, representing 35% of the market last year. In Valencia, there was a 31% increase in the number of sales of re-sale properties in 2014 over 2013 levels. The Lucas Fox reports suggest that 2014 was a year of stability and growth for the property market in Madrid, with prices expected to have bottomed out.