Sales to big hitting investment funds, a dominating presence at the UK's leading overseas property exhibition and a new law for attracting wealthy non-EU investors: doom-mongers can bleat all they like, but Spain's property market is showing signs of picking itself up off its knees as we enter the final quarter of 2013.
Richard Way, Editor at The Overseas Guides Company said: "This summer there have been increasing reports of large investment funds, including Goldman Sachs, taking swathes of empty properties off Spain's banks hands – the immediate effect will be downward pressure on prices and painful for individual vendors, but it's a necessary pain for reaching longer term market stability."
"Meanwhile, the holiday home market in Spain would appear far from depressed, as the prevalence of agents and developers selling Spanish property was noticeable at the A Place in the Sun Live exhibition last weekend."
"Talking to a well-known tourist residence developer at the show, they indicated they have had their best year in terms of sales since pre-crash days – adding how international their market in Spain is now."
"Elsewhere, last week saw the Spanish Government pass the so-called Golden Visa law, which will give residency – and with it permit travel within the Schengen Area – to non-EU investors who spend a minimum of €500,000 on Spanish property. The law should go live in the next week or so, adding a new dynamic to market", concluded Mr Way.