SPANISH construction is in rude health if the abundance of new property ventures, both residential and commercial, is anything to go by. The real estate market in Madrid is now on fire with foreign investment increasing dramatically since the first signs of recovery in 2013.
Indeed the commercial real estate boom is one of the chief reasons the Spanish GDP is predicted to grow by 3.2 per cent this year, one of the fastest rates in the EU. One recent example is the €2 billion investment planned by American conglomerate Cordish who are planning to build a huge leisure centre in Madrid that will create 56,000 jobs and attract five million visitors a year.
This commercial boom is working hand-in-hand with exciting residential real estate developments that are not confined to the capital but are evident right along the Spanish coastline. Survey after survey shows that more foreign nationals than ever before are considering buying second homes in Spain, with Germans in particularly getting excited over the prospect.
The good news is that, with the construction sector in full swing with new commercial contracts, the finance and willpower is there to invest in the residential market and fulfill the ever increasing foreign demand for a dream Spanish home.