2 May, 2024 @ 09:57
1 min read

Now is a good time to buy property in Spain, says panel of experts – this is why

VERY high demand and low supply. That’s the current situation in Spain’s property market, according to experts in the sector, and as such a good time to buy. 

“If it fits with your plans right now, it’s the time to buy,” the same professionals told the Idealista real estate website. 

Their thinking is that, given the low supply in the market right now, if an opportunity appears, buyers should not let it slip through their fingers. 

“We are seeing high levels of buying activity in the first quarter of this year, and at the same time, the launch of new residential projects on a national level,” Carlos de Almeida, a sales director at CBRE real estate services, told Idealista. “All of this means that demand continues to be very high.”

Read more: Hot locations: These 10 smaller cities and towns in Spain are seeing the highest demand for rent amid surging prices in the capitals

High demand and low supply mean it is a good time to buy, say experts.

“We are surprised by the strength of demand, above what we initially expected,” added Pelayo Barroso, the national manager at Savills Research.

Lawyer and spokesperson for API real estate agents, Carles Sala, pointed to prices as well. “Prices are not growing with the intensity that they have done in recent years,” he said. 

“So if we are waiting for a fall in prices, we believe that this is not going to happen, meaning that while it is not the best moment, there is nothing to indicate that over the next year prices will be any better,” he added. 

As for mortgage interest rates, these are not likely to fall anytime soon. 

“Any reduction will likely be gradual,” said Ricardo Sousa, from Century 21 Spain. 

The forecast is that mortgage rates will hover around 2.5% for some time, according to Idealista.

“As such, if a buyer finds a property that meets their requirements and it is within their budget, it would be prudent to buy now rather than wait for the market conditions to improve,” added Sousa.

Staff Reporter

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