The Spanish Property Market is Booming!
I recently traveled to Spain with the intention and mindset to do some business there. Now I am from South Africa and anyone must think why would I do that? Well firstly I totally love Europe as its so diverse and has such a great culture. In one day you can travel quite comfortably through 4 countries, speak 4 different languages and enjoy 4 different types of cuisine. In most cases public transport system is very good compared to us here in SA and the health care is top notch. The weather is as good as you choose where you want to be within an hour.
My Spanish road trip took me from Madrid — Valencia — Sitges — Barcelona — Mallorca and back to Madrid. What I saw was an architectural showcase. I tremendously enjoyed the cuisine, the wine, the country and beaches but mostly of all, the opportunities to invest in property there. The economy is growing at 3.2% and housing prices are rising nicely. What intrigues me the most is that despite the price rises in the past two years, nationwide house prices are still about 38% (-45% inflation-adjusted) below the peak levels seen before the global crisis. So if I invest today the chances that the value of my investment will rise by another 38% is a no brainer.
I have taken the initiative to build me options where I can have the best of both worlds. South African housing market is still performing very well but I want to have the option to enjoy my holidays in Europe, invest there and have a stable currency. I want to leave a legacy for my kids and do not want to worry how I can keep my head above water when I reach retirement.
I am looking so forward to the next 10 years, are you?