Blakemore Walker

Chartered Surveyors and Legal Consultants in northern Spain

Market Comment

    SPRING 2019 The spanish economy is steadily improving with lower unemployment figures and GDP at well above 2% and this is also reflected in the northern Spanish property market. At the moment the main influence in the property market is domestic activity but for many years the foreign buyer and particularly the British buyer have been prevalent. This no longer the case however and the blame tends to fall mainly on Brexit although the exchange rate has a large part to play. In March the exchange rate ticked up several points but will probably remain volatile as Brexit negotiations continue.

    WINTER 2018 Property prices in Spain are the on the rise for the first time since before the financial crisis according to official figures. The Spanish economy as part of the european union has been on a steady upwards path for a couple of years and employment is coming down. This improvement in the economic performance has translated to an increasing number of transactions in the property market with some speculative purchasing aimed at the rental market. The current figures show a rise of just over 4% nationaly and in the last quarter the north spanish property market has done well.

    AUTUMN 2018 Many estate agents in northern Spain admit to higher levels of activity generally but there is still lack of demand in the more rurul locations. Transaction levels remain low for rural property and subsequently prices remain stagnant. One point to note is that many transactions are now proving more difficult to complete as due dilligence is throwing up problems on property registration on many rural properties - perhaps it is a sign of the times that the so called good value properties that are attracting buyers, are in fact, the properties with the most legal title issues.