Buying a property in Spain is popular. The combination of sun, sea and beach makes Spain a very popular holiday destination. Moreover, life there is about 30% cheaper than in France and Italy. Add to that the fact that prices are a lot lower than in those countries, and you understand why buying a property in Spain is very popular.

Buying property in Spain: Interesting prices

Prices for a holiday home in Spain are lower than what you usually pay in other Mediterranean countries, such as France and Italy. This is a result of the Spanish property crisis, which plagued the country between 2008 and 2013, causing prices to plummet by more than 42%. Meanwhile, the market is fully recovering and prices are still 25-30% lower than in other countries.

Because of those interesting prices, many property transactions are recorded in Spain. In 2018, there were almost 517,000, the highest figure since 2007. Of all those transactions, almost 13% were made by foreign buyers. This is an increase of 7.5% since 2017.

So buying property in Spain is in high demand. Notable among these is the penchant for new construction. In 2018, one in three holiday homes bought in Spain was new construction. This can be explained by the contemporary trend where sleek, modern is preferred.

With the increase in the number of transactions, property prices are also rising. In 2018, they were 8% higher than in 2017. Almost all real estate specialists expect more and more transactions and higher prices. So today is really the time to buy a property in Spain.

Costa Blanca popular

The average price per square metre depends on the region in which you buy a property in Spain. Prices on the Balearic Islands (e.g. Ibiza, Mallorca) and in cities like Barcelona and Madrid are a lot higher (average 2275 euros per square metre) than on the Canary Islands and Costa Blanca (average 1200 to 1300 euros per square metre). Consequently, the latter areas are a lot more popular.

The Costa Blanca is right at the top. By the way, there is a big difference between the Costa Blanca and the Costa del Sol. On the Costa Blanca (from Alicante to Carthagena and Murcia), houses are cheaper and you can build a new home for less than 300,000 euros. On the Costa del Sol (Marbella), it quickly goes up to 420,000 euros and more.