RISING mortgage sales are heralding a new year housing boom, according to finance experts on the coast.
Tancrede de Pola, senior broker for The Finance Bureau, has experienced an incredible surge of mortgage sales this November, ending his best year since the crisis began with a bang.
“This whole year has been the best since 2007, without a doubt,” British-born de Pola told the Olive Press.
“The market has absolutely come back, no question. This year has been the best in terms of numbers of clients, revenues, and transaction value as well.”
Before the crisis, the Estepona-based company’s average mortgage amount was around €350,000. That crashed to around €150,000 during the crisis years.
“But now it is right back up again, which basically means that people are buying much more expensive properties again,” continued de Pola.
And the firm, which has been running for 12 years, has experienced a significant diversification in their client base.
Pre-crisis, around 95% of clients were British, whereas that has now fallen to around 30%.
The rest of the client base is now very broad: Belgium, Holland, France and Germany.
“This year in particular I’ve had a lot of clients from the Middle East,” added de Pola.
“We’re in a sweet spot at the moment, because we have got to that point now where the prices are still low but the demand is picking up.
“There’s always a time lag between demand and the prices going up, but I reckon that things are looking very good for the new year.”