Benidorm fifth in the world

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Benidorm fifth in the world
A PLACE TO CALL HOME: Benidorm Photo credit Pixabay

ACCORDING to a recent survey conducted by TheMoveChannel.com, Benidorm became the fifth most searched-for location in the world for property in the first quarter of this 2017.

According to official figures, Spanish property sales surged 14 per cent in 2016, with purchases by foreign buyers up 16 per cent.

Demand hasn’t decreased in 2017. According to Spanish Property Registrars, Alicante province enjoyed the eighth biggest increase in property sales in February 2017 with the number of transactions increasing by 17 per cent.

The Valencian Community saw the fourth highest number of mortgage approvals in January 2017, pushing the national total of approved mortgages up 16.9 per cent year-on-year.

The price for property in Spain is currently fairly low as are interest rates. Combined, this is helping to fuel demand which has resulted in a 1.8 per cent increase in house prices in the Valencian Community in the first quarter of 2017.

New homes have seen values rise 3.1% in the year to date and resale property have enjoyed rises of 1.9 per cent in the same period.

Idealista reports buy-to-let investors seeing returns of more than 6.3 per cent in 2017, up from 5.5 per cent last year and yields for the current year in Alicante province are 6.2 per cent, the fifth highest in Spain.

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