Spanish property is proving to be a top choice for 2014
A new study has revealed as many as two thirds of property investors now believe Spain has attractive buying opportunities.
A joint forecast published by the Urban Land Institute (ULI) and PwC revealed the competition and rising prices in some markets were leading investors to turn their attention to recovering markets such as Ireland and Spain.
These two countries were among the worst affected by the global financial crisis but have seen a turnaround in the last 12 months that could lead to a surge in demand for prime properties in 2014.
The report, Emerging Trends in Real Estate Europe 2014, states Spain has undergone an “extraordinary turnaround in sentiment” with 67% of respondents agreeing there are now “good buying opportunities” in the country.
ULI Europe chief executive Joe Montgomery said the resurgence of investment in Ireland and how far the Spanish real estate market recovers, will be two of the key stories in 2014.
“Investor interest is now moving to Spain, where there are signs that opportunistic investors, who entered the market when Sareb opened for business last year, are now being followed by mainstream institutions,” he said.
It is particularly good news for the Costa del Sol which remains a firm favourite with those looking for a place in the sun.
Tourists and investors throughout the world associate the Costa del Sol with sun, sea and sand, and with economic prospects looking up it is likely to strengthen its position as the go-to destination for people who want to retire or buy a second home in the Mediterranean sun.
Marbella in particular, as one of the Costa’s most renowned getaways loved by the rich and famous, is proving to be one of the most profitable destinations to invest in.
By Adam Neale | Property News | February 21st, 2014