Spain's property woes could be on the way out, according to some forecasters.

The country - which is historically seen as a haven for British buyers looking to find homes in the sun - was among the worst hit in Europe's financial crisis, eventually seeing developments stall and investors withdraw, propertyguru.com reports.

These woes could now be a thing of the past, however, thanks to a series of events that have created a perfect storm for property growth.

Some of Spain's biggest-hitting investment funds have seen sales increase, at the same time as new laws were brought in to entice wealthy non-EU buyers. This, ultimately, saw the likes of Goldman Sachs taking swathes of property from the Spanish government, whilst investing heavily in the public coffer.

These combined with positive results at the UK's leading overseas property exhibition, make for a rather positive spell in Spain's property market.

Now, provided this buoyancy and positivity remains in place, the country's property business could soon be on the road to reaching the enviable levels witnessed before the 2007 crash.

Explaining the optimism now taking hold in Spain, editor of The Overseas Guides Company, Richard Way, told economicvoice.com: "The holiday home market in Spain would appear far from depressed, as the prevalence of agents and developers selling Spanish property was noticeable at the 'A Place in the Sun' exhibition last weekend.

"Elsewhere, last week saw the Spanish government pass the so-called Golden Visa law, which will give residency... to non-EU investors who spend a minimum of 500,000 euros on Spanish property. The law should go live in the next week or so, adding a new dynamic to [the] market."

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Author

  1. avatar
    David Howells