There is a “huge opportunity” for Brits to secure a cheap property in Spain, as the country’s housing market is set to remain weak for years to come, a property expert has said.
Marc Da Silva, who writes for a variety of property publications, told AboutUs that holiday home buyers have plenty of time to locate their ideal place in the Spanish or Portuguese sun, as prices are unlikely to rise in the near future.
“There is absolutely no rush because there is plenty of supply and those properties simply aren’t going anywhere,” he added.
Property prices in Spain continued their decline in the third quarter of 2023, with the average home dropping in value by 2.2 per cent, according to the National Statistics Institute.
Da Silva said that there were “definite signs” of British activity in the overseas property market increasing into the new year and throughout 2023.
“If the pound strengthens further against the euro then I would be very surprised if more Brits didn’t consider buying overseas,” he concluded.
Knight Frank reported on December 6th 2023 that average annual global house price growth in the third quarter of 2023 stood at 3.1 per cent.
This was substantially up on the same period last year, when the figure had sagged to minus 6.2 per cent.
