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Although Spain’s property market is no longer the bargain-hunter’s paradise it used to be, promising quick and easy returns, it still holds appeal as investors place less interest on low prices and focus more on quality services and accessibility.
Valencia is a good example of a burgeoning market despite the nationwide property slowdown. The America’s Cup in 2007 and the upcoming Formula 1 event (in August 2008) have done wonders to stimulate construction, create new hotels, improve infrastructure and help residential property prices appreciate.
In Murcia, expansions at San Javier airport will boost the popularity of this already-hot tourist destination. More importantly, the construction of a new international airport in Corvera (20 minutes north of Murcia) will deliver a significantly increased number of flights to the area.
The Balearic island of Menorca is also shaping up to be an interesting option. After the passing of new laws that limit construction to protect the coastlines of the Balearic Islands, attention is expected to focus on this little-developed island. Menorca’s inexpensiveness and increased accessibility makes it a valuable choice, especially for buyers with an eye on letting their property.
Because of the changes in Spain’s real estate market that have been brewing over the past four years and came to fruition throughout 2007, a different type of investor is now being drawn to Spain and buying Spanish property is no longer a profit-driven venture.
No longer lured by low prices, foreigners who choose to buy a home in Spain are interested in factors such as access to quality services, proximity to good schools and the strength of the local economy.
This makes Spain a good choice for buyers interested in finding a long-term vacation or retirement home, especially considering the country’s still-strong letting market, which gives homeowners the ability to profit from their investment while still holding on to it.
