Spain benefits from lower oil price

In a Bloomberg Television interview in Madrid, Spain’s economy minister Luis de Guindos said lower energy costs for consumers and companies are helping to drive an acceleration in Spain’s expansion this year. The economy grew 1 percent in the second quarter, more than three times the euro-area average.

“We import the majority of the commodities, especially in the case of energy,” de Guindos said in the interview in Madrid on Wednesday. “So for Spain it’s a gain-gain situation.”

The government of Prime Minister Mariano Rajoy forecasts growth of 3.3 percent this year, buoyed by lower energy costs, interest rates close to record lows and a weaker currency. The decline in oil prices alone means a saving of 10 billion euros ($11.1 billion) — that will boost disposable income for households and lower costs for companies, de Guindos said.

Property sales to foreign buyers up 30%

According to figures published by the Ministry of Public Works, last year 28% more properties went to foreign buyers in the Malaga province. Out of the total of Malaga sales of 23,929 in 2014, 9,100 went to foreign buyers, with British topping the list, close to pre-crisis figures.

Luxury property market in Marbella and Benahavis

Real estate inventory is always hard to quantify but it is possible to identify a trend using MLS statistics. Data on transactions are easily accessible via the Registry office of Spain and the Interior Ministry of Spain. During 2013 the number of real estate transactions has been rising and  inventory has been depleting – this makes sense as more properties get sold and therefore come off the market. However, so far during 2014 inventory has been rising again even as transactions have increased even more. In some cases, for example villas in Marbella and Benahavis the upwards tendency is remarkable with increases of 20% or more.

The reason for this may be that property owners may feel that we have reached a turning point in the market, are aware of the increased transactions in their area, and they are deciding to come onto the market now after the worst has been left behind.

Marbella property on the rebound

Marbella is the first area to be bouncing back in the Spanish real estate market. From the article below:

“In the past 12 months, just in the Malaga province, [demand] shot up by 61%”

Read more about George Clooney, Brad Pitt, and others searching for property in Marbella:


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