We have just welcomed in the New Year, and for those of you that have property abroad, you may be wondering what 2018 will bring for the markets in different countries.
Things can change rapidly when it comes to housing prices and demand, so it’s important to keep an eye on property markets and stay in the know when it comes to trends. Read on to find out what 2018 may hold for different property markets abroad.
The property market in Spain
Things have been looking up for Spain recently, with figures revealing that the demand for houses has been increasing. Spain’s capital has seen a massive 70% increase in sales and things are set to continue to improve next year. It would seem that Spain’s prime market has bounced back to its former glory this year, and with the percentage of foreign people owning property in Spain having risen from 11.6% to 12.9%, it seems that the country will continue to be a popular choice for Brits moving abroad.
It is, however important to consider the prospect of Catalonia leaving Spain in 2018. While it is only a small region, it contributes significantly towards the countries financial stability and growth and a separation from Spain would mean a reduction of public service spending, and could also lead to unemployment. This could lead to more austerity, which can have a significantly negative impact on local housing markets.
The property market in France
France is another country that seems to be seeing improvement in their property market. After a gloomy four years that saw prices plummet, things have finally started to pick up, with house prices rising by 3.9%. A lot of the growth in the French market is as a result of increased interest for properties in the countries capital. While things seem to be looking positive, the country has only just recovered, so the market will need to find its feet slowly.
The property market in Italy
Things also seem set to improve in Italy, and it’s not just Brits that think so. Recently, there has been particular interest from Germans, particularly in the luxury end of Italy’s residential property market. Despite this, house prices have still not improved in the way that it was expected that they would following the crash in 2008, and a comprehensive house price index, has revealed that house prices have dropped by 0.01%, so this number could continue to decrease in 2018.
We have recently published our advice on purchasing property abroad which you can find on our blog.