House prices in Spain increasing year on year

We are almost at the start of Spring when temperatures here in Spain are rising to enable lovely beach days and great days on the golf course or out sailing. Earlier this month valuations firms Tinsa published a new report on Spanish residential property prices. Data in this report suggests house prices in Spain in February 2020 were an average of 2.4% higher than the same period last year.

Within the Tinsa report Spanish territory is divided into 5 categories: provincial capitals and large cities, metropolitan areas, the Mediterranean coast, the Balearic and Canary Islands and all other areas.

In previous reports, provincial capitals such as Madrid, Barcelona, Valencia and Málaga are more dynamic and are often the catalysts for pricing change. Last month, the inter-annual change was +3.3% and obviously our markets have been affected by the economic situation and Brexit, but not quite as much as we thought it might.  The draw of the lifestyle here in Mallorca is evident – owning a property here is a sound investment.

In the Costa del Sol property prices saw a healthy average 1.4% year-on-year gain. Property prices in the Balearic and Canary Islands soared a massive 7.6% year-on-year, making February’s figure the eleventh significant annualised increase in the last twelve months.

All this data on house prices in Spain suggests this is the perfect time to buy here in Mallorca. Whether you are looking for a long-term investment, a retirement property, a holiday home or to increase your property investment portfolio, now is the time to start looking for your 2020 purchase.

House prices in Spain are still significantly less than many other European destinations, so why not indulge yourself and take a look at some of these fantastic homes in the sun. Our experienced multilingual team are here to help you make that property purchase with ease. If you need help deciding which area is best for you, check out our area guides.

5 things to look for in a holiday home

When clients are looking for a holiday home in Mallorca, often the list of considerations vary, but the common ones are below. They can be a real investment opportunity if you choose wisely.

Location

Naturally location is top of the list, and it’s not difficult to work out why. Holiday makers truly value a properties proximity to the area they are visiting, even if just for convenience more than anything else. Another bonus of fabulous location is the potential property views, especially if sea views are involved.

Interior Style

Interiors are an extremely personal thing, but the styling of a property can make or break a selection. Every individual is looking for something different in terms of style, but the aesthetics of the home are more important than you may think. Considering it’s going to be the focal point of the holiday, guests want to feel at home as soon as they enter a property, so it’s important that the decor invites a welcoming atmosphere. Neutral is always best. Should the ideal property be found and it needs a small reform to bring it up to standard, we can help.

Privacy

Half of the reason a holiday is selected is to be able to unwind from the busyness of everyday life, and part of relaxation is privacy. More and more holiday makers are looking for holiday lets that have private terraces and outdoor areas to enjoy outdoor living in peace.

Space

Space, space and more space. One of the biggest and more important aspects of any holiday home selection is ensuring that there is plentiful space for the whole party, after all, being on top of one other certainly isn’t relaxing. Create an illusion of larger spaces by ensuring minimal clutter and well-lit rooms. Also consider if you let out the property having twin beds in one bedroom and a sofa bed in another so it increases the party size to 6. With blended families and grandparents taking grandchildren away nowadays, space is key.

Wow factor

If the home has that little something extra, it’s more than likely going to be extremely popular with holiday renters. Hot tubs and private pools are a draw and would be extremely popular with holiday makers, as they are generally looking for something that they don’t have at home, to make the trip extra special. Onsite facilities such as children’s pools, tennis courts and restaurants and bars also draw in renters.

Of course, everyone is different and you may want completely different things out of your holiday home, but if you are looking to rent it out considerations need to be location near amenities; space and number of beds; plus points (to help market it), ie on site facilities. Talk to one of our team if you are thinking of buying a holiday home. Their experience will help point you in the right direction. Property in Mallorca is always popular as a rental and is a wise investment.