A LECTURER in economics and real estate has predicted that Spain is set for a transformative property boom that will take place across the next five years.
Gonzalo Bernardos says that now is the best moment to buy a property in Spain, explaining that 2016 will be a year of expansion across all indicators.
“The residential market is once again a refuge for investors and the key to everything is low interest rates,” he told national newspaper La Vanguardia. He notes that the low interest rates have made it significantly cheaper to pay a mortgage rather than buy a property which is an essential growth dynamic.
He estimates that Barcelona will gain the most from the coming “five marvellous years” and reckons that the Catalan capital will register price increases of up to 18 per cent, compared to a strong 12 per cent across the country.
Interestingly he believes that much of the growth will be driven by domestic demand and the share of foreign buyers falls.
Naturally five-year predictions raise eyebrows, particularly in the volatile global economic climate but Bernardos believes that wider growth in related markets across Spain, particularly in construction, places the country in good stead to becoming a leading property light on the continent.