Recently, Spain, as well as Montenegro and Bulgaria, has become a popular direction among Russians seeking to buy a vacation house abroad. Many of our compatriots are owners of apartments or villas located on the Spanish coasts.
The world crisis struck a serious blow to the Spanish residential real estate market. A powerful stream of foreign buyers instantly turned into a small brook, and the mass of erected residential facilities turned out to be unclaimed. Three years ago, more than 1 million were offered in the Spanish market. houses. As a result, prices went down, for example, the villas on Tenerife fell into 20%.
Spanish developers, trying to attract customers, took unprecedented measures. In addition to reducing prices, 100% mortgages were offered, but the tempting lending conditions were not saved by many construction companies from collapse. The banks seized their objects for debts and put up for bidding. The consequences of the crisis affected areas located on the coasts of continental Spain more tangible. There, the cost of residential real estate fell by more than 30%.
Last year, foreigners gradually began to return to Spain, and the market began to restore – the volume of foreign investments in real estate as a whole jumped by 27%.
This year, prices continue to decline, but more slowly and not everywhere, and the number of transactions with the participation of buyers from abroad has increased. Experts believe that soon the demand for collateral real estate will exceed the proposal, therefore, buyers will no longer be able to purchase housing on preferential conditions.