Significant price surge houses on the Mediterranean Sea and the Spanish Islands
Spanish second home market very attractive
19 Sept 2021. Now that it is easier to travel again, not only non-residents but also Spaniards themselves, are showing an increased interest in buying a second home. The cost of a holiday home in Spain is lower than in other Mediterranean countries such as France and Italy. Spain is still recovering from the Spanish property crisis from 2008 to 2013, leading to a 42 percent drop in home values. The Spanish property market is recovering rapidly, however, prices are still 25 to 30% lower than in other countries. Spanish real estate in the second-home market is currently very popular, reports EL Paiz in its weekly bulletin CincoDíaz of 14 August.
The Corona crisis has affected the entire Spanish real estate market and has certainly not ignored the market for holiday homes on the coast. Nevertheless, the market showed remarkable carrying capacity. According to the Tinsa survey ‘Coastal Housing 2021’, developments are currently very positive. The Mediterranean coast and the Spanish Islands take the lead with average price increases of 8.4% and 7.9% on average, measured over the period July 2020 to July 2021. We find outliers in Mallorca, wherein the municipality of Capdepera houses with an average of 48% rose; Candelaria, in Tenerife: 21.3%; Salobrena-Granada 15.9%; Teguise, on Lanzarote 15.5%; and for a house in Manacor, Mallorca, you should have paid an average of 37% more for a house under the beautiful blue sky (EL Paiz, 14-8-2021). The expectation is that this development will continue for the time being: if you do want to buy a property in Spain, for a holiday or as an investment, don’t wait too long!
The range of properties on the Spanish coast is extensive and suitable for almost all budgets. Due to its high price tag, Zen Playa Jávea stands out from other locations. For a house with two bedrooms and bathrooms, you should take into account an average budget of EUR 370,000; to about 580,000 euros for a three-bedroom, two-bathroom penthouse. All these properties have a modern kitchen with quality appliances, a large and bright living room with open kitchen, and terraces with gardens and solariums in the penthouses, often complemented by a swimming pool, gardens, parking, and a storage room.
Would you like to know what your options are for purchasing a second home in Spain? Ask for a mortgage calculation on our site, you will have direct insight into the amount of the maximum mortgage and required own resources for a second home in Spain. Feel free to forward the calculation, you will receive a complete financing proposal with additional information within two working days.