A recent report by the UK relocation service Movehub has ranked Spain as the second best country for first time buyers to purchase property.
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Analysing a total of 33 different countries to determine the best countries for first time buyers to purchase property, property pricing data from the Global Property Guide was cross referenced with average salaries compiled by Hay’s Group Global Salary Forecast.
Overall the research found that the countries with the slowest growth in annual incomes had regrettably seen the largest rises in property prices, in some cases salaries were found to be in decline whilst house prices were rising. Conversely, countries with higher salary growth saw slowing or even declining property prices, ideal for first time buyers.
With average Spanish salaries rising 2.2% in 2016 and a property market in the early stages of recovery following eight years of depression, Spain took second spot behind the UAE followed by Greece, Singapore and Switzerland. Turkey was ranked as the worst place for first time buyers whereas the UK, blighted with stagnant wages and exaggerated property prices, came in at only 16th.
“Now is the time to buy” said one international property expert, “Spanish real estate has seen a number of positive changes following a crisis that ultimately cleaned up the sector, improved the standard of professionalism and the quality of new development, which is just getting going again.”
There has also been greater interest from overseas buyers with low mortgage interest rates, rising prices and a recovering economy attracting foreign property buyers to Spain.