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Spain is one of the most popular destinations for British expats looking for a new life abroad. However, soaring house prices might put some off relocating.
The average price of new and used housing is estimated to have increased by 4.3 percent according to the valuation company, Tinsa.
Forecasts by property experts including idealista estimate that prices are set to increase by a further four percent in 2022.
Cristina Arias, director of the Tinsa Research Service, said: “The last quarter of 2021 saw an increase in residential market prices that consolidates the trend started in previous quarters and reflects an environment of growth in which demand is higher than supply and construction is beginning to reactivate cautiously, which could be indicative of an upward phase in the real estate cycle.”
Experts are advising that it could be a good time to buy a property in Spain with prices set to increase further.
British expats could make an investment in a Spanish property in a popular area of the country.
The increase in price is thought to be due to a lack of supply compared to demand in the most desirable areas.
A rise in the price of raw materials is also likely to have an impact on Spanish house prices in 2022.
A desire to purchase properties with outdoor space has also led to a rise in house prices across Spain.
People who saved money during the pandemic are willing to pay more to secure a pleasant outdoor area.
Property expert, Christopher Nye of Property Guides, told Express.co.uk outdoor space was a top priority for British expats.
He said: “One agent I spoke to said he wouldn’t list anything that had no outdoor space as there were simply no buyers for that kind of property.”
Prices rose by 6.2 percent in Seville while property in Valencia saw a rise of 4.2 percent.
House prices in Bilbao rose by a huge 13.7 percent while Madrid and Barcelona also saw large price rises.
Expats looking to find a bargain property in Spain may need to think outside the box when it comes to location.
Prices did drop in 11 provinces in inland and northern Spain. The biggest price drops were seen in Ourense and Palencia.
Ourense in northwestern Spain is famous for its hot springs and medicinal baths. It is also a leading producer of chestnuts.
Palencia in northern Spain is known for its 13th century church and is one of the country’s most sustainable cities.
Malaga was named as the best city for British expats in the InterNations Expat Insider City Ranking.
The sunkissed destination had some of the friendliest residents in the world while expats also found the cost of living low.
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