Is 2024 a good time to buy property in Spain? Experts say so!
Many people have different understandings of the timing of a particular market. Perhaps your real estate agent will tell you that now is a great time to buy a property, or the owner of your favorite tapas bar down the street might advise you to be more patient before making a decision. not.
According to Minister Fomento, house prices in Spain rose by 14.2%. In practical terms, this means that a Marbella villa bought five years ago for €750,000 is now worth around €856,000.
Spain’s house prices have been rising slowly but steadily over the past two years, a positive sign for those looking for a safe investment environment.
According to the IMF, the projected growth rate for 2024 is 2%, compared to the previous year’s growth rate of 1.5% in 2023.
This steady growth is expected to continue, as the Spanish economy is expected to grow by 8.4% by 2029. This results in an average GDP growth rate of 1.7%.
This level of growth is ideal for real estate investors because it shows the market is not overheated and there is still potential for real estate values to increase over time. In addition to this, a moderate growth rate suggests that the market is stable and less prone to sudden changes, giving buyers more peace of mind.
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