The real estate market of Spanish coast recovers

The real estate market of Spanish coast recovers

The real estate market of the coast of Spain, which reached the bottom in 2012, comes back to normal. Buyers returned to the Spanish seaside towns. According to experts, sales of resort real estate in Spain have improved by 20%. In addition, in 2013, it is projected rising in housing prices in the coastal region, according to Global Property Guide, with reference to Deutsche Welle (DW).

For example, in the Spanish coastal town of Cambrils, province of Tarragona, Catalonia, luxury sports cars with Russian numbers, parked near the mansions, have become commonplace, the portal reports. Russians make up a large part of foreign investors due to the possibility of obtaining a residence permit when buying a property in Spain in the amount of €160,000.

Estevez Saez, a local real estate developer, said the real estate market of the Spanish coast, where prices have fallen by 40-45% over the past two years, is expected to recover soon. According to real estate agent in Cambrils, Ms Olga Otero, flexible credits by Spanish banks can stimulate the construction industry.

Sales of real estate on the coast of Spain rose by 20% excluding subsidized housing (composed according to the first quarter of 2012, 8.8%), according to the report DW.