Spanish Property Market : The Next 10 Years

 

The last 10 years have arguably encompassed the full spectrum of the highs and lows of the Spanish property market.

In 2003 real estate prices were described as 'unsustainable', and with regards to the many new properties under construction, and the question posed by many was 'who is actually going to live going to actually live in them anyway ?'

The question largely went unanswered for years, with prices continuing to climb for a further 4/5 year before crashing in a spectacular fashion, back to levels seen in 2003 - and in many cases - below.

Campbell D. Ferguson, FRICS, of Survey Spain SL is one such person who has observed the rise and fall of the Spanish Property market on a professional level, after recently celebrating 10 years of successfully establishing a network of Chartered Surveyors across Spain.

But what does the future hold ? Tumbit asked Mr Ferguson to tell us what he has learned from the last decade, and share his thoughts on what may the market may hold in the next 10 years.

"The good properties, by location especially, are seeing values rise and their market bottomed out. For the worst, eventually it must come to demolition to remove the eyesore and for safety as they will never be occupied.

"As for the planning problems of the tens of thousands of illegal homes, 'Regularising' is their best hope, where they are not legal, but everyone in authority accepts that they are there and the threat of fines and demolition is removed. They've got away with it! But hopefully no more. Look at the islands where planning was much stricter and there wasn't the proliferation of urbanisations. Their values haven't dropped nearly as far and they've largely kept their environmental charm."

" Next battleground? Costa de la Luz."

Thanks to our regular contributor, Mr Ferguson, and wishing all at Survey Spain SL a happy 10th Anniversary from Tumbit.