Despite the Brexit and the recent Spanish general election which was held in June many real estate experts are predicting that the coming years will be boom years in the Spanish property market. This is perhaps the best time to buy property in Spain considering the economic situation in the country and Europe as a whole; the favorable mortgage terms in Spain at the moment; low interest rates and also the current property market in Spain. At the moment we are not in a lull nor in a boom period instead we are on the brink between the slow recovery and complete recovery of the Spanish property market. Experts say that this is particularly true for Barcelona property.
We will look back on 2016/17 as the best time to buy property in Barcelona as the market is geared to expand and see price increased. This is true for any and all property assets in Spain and Barcelona. For about the next five years the Spanish property market seems like a sure bet. Although this uber-confidence seems a little premature it is with caution and not intended to refer to the whole county. There are cities and regions which are particularly likely to expand and others which will probably only see a slight improvement in the property market. Cities and regions in Spain which are predicted to see the most significant expansion in their property market are Barcelona,, Madrid, Ibiza, Marbella and a few other places. Barcelona in particular and Catalan in general will see the greatest improvement in its property market. IT is likely that the foreign buyers will drop and that there will be an increased number of local Spanish buyers.
With so many other markets seeming precarious property s the safest bet particularly because of the low interest rates. The low interest rates have meant that many mortgage repayments are actually lower than it would cost you to rent. This is a good thing for those looking for a home to live in and for those who just want a safe investment for their money. Factors which could dampen the hyper-enthusiasm of these positive predictions for the Spanish property market include the global economy. The Spanish banks are more cautions following the crisis of 2007/8 and are unlikely to give as much credit to speculators.
