Home buying in Spain will increase 7%–10% this year, according to the real estate brokerage company donpiso, which claims that since the beginning of March, there has been a significant increase in demand for properties in holiday destinations in this market.
With spring, the second home market picked up speed and the number of real estate transactions in Spain has soared in recent months.
Holiday destinations on the Mediterranean coast, the Cantabrian coast plus the Balearic and Canary Islands have seen a 30% increase in demand for properties.
The real estate agency donpiso points out that the drop in interest rates expected for this year will lead to increased interest in properties, which in turn will push prices up. It therefore recommends that buyers who do not require financing should decide to buy their homes as soon as possible.
donpiso is optimistic that mortgages will become cheaper in the short term because "taking into account that the average net monthly salary per inhabitant in Spain is around €1,700, Spaniards who live in rented accommodation spend 50% of their salary on rent, compared to the 38% that homeowners allocate to mortgage payments".
Buying a second home in Spain: everything you need to know
For a long time, Spain has been a popular destination for second-home buyers. Over the years, the second-home buying process has evolved significantly, becoming more convenient and transparent, offering more opportunities for Spanish and foreign buyers.