Spanish property in 2008

Developments over 2007 in the Spanish property sector have changed the face of Spanish property, making it less attractive for investors looking for quick profits. At the same time, the market has become more accessible to individual consumers looking for long-term investment in a Spanish home. 
 
Prices completed their gradual slowdown in 2007, with a modest yearly rise of 4.8% (with the consumer price index rising by 4.2%). Prices in 11 provinces throughout Spain experienced a lowering of prices during the last quarter of 2007, but this occurred in areas not frequented by overseas property seekers. 
 
The enduring popularity of Spanish property for foreign buyers stood its test last year, as it was largely thanks to strong property values in coastal areas like Murcia (where prices rose by 8.1%) that property prices were at least able to match the rise in the consumer price index. 
 
With prices no longer rising uncontrollably, buyers looking for a home abroad to retire or vacation in – and increasingly in Spain’s case, move permanently to – are presented with a much more accessible market that also promises solid long-term potential.  
 
The Spanish government’s Ministerio de Vivienda (housing department) has been operating with the objective to regulate and soften the cool-down of the real estate sector, which since 1997 experienced what seemed like an unstoppable boom and spawned massive construction throughout the country. 
 
A decade later prices are back to normal levels, which has been Vivienda’s objective: to lower the market from the clouds, bringing it to more sustainable levels. Besides reigning in prices, the government has crafted legislation to facilitate the access of regular consumers to Spanish property. 
 
Spanish youth in particular have had a hard time leaving home and attaining independence because of high prices, but Spanish property buyers in general have had to deal with a wild market and mortgages easily surpassing 30 years. 
 
Long-term investment in a Spanish home is a safe bet because what makes Spain appealing as a place to buy a home isn’t the state of its real estate market, but the country itself. Many are the reasons why people all over the world fall in love with Spain and end up following the siren-call to its glistening Mediterranean shores. 
 
Life in Spain is easy to enjoy, as if the culture has an ingrained affinity for effortless enjoyment and appreciation. Spaniards are very friendly and open, as much towards themselves as to foreigners, who in short order become an accepted part of the community. 
 
Spain’s enchanting culture, fascinating history, great weather and engaging people make it one of the best places in the world to buy an overseas property. It’s one of the few developed countries graced with such a relaxed way of life amid beautiful surroundings, ranging from snow-peaked mountain ranges to vast green landscapes and pristine sparkling coastlines.

Patrick Collins works as a content writer for oppSpain a company that is specialised in selling new developments and off plan properties in Spain.