According to statistics from Kyero.com, which is Spain's largest English language property website, asking prices for property in the country has increased to €266,100 during the third quarter of 2011, and it looks as if there may be a shortage of quality properties in popular regions.
The country has experienced a tourism boom, and some hotels have seen 100% occupancy during the summer months, and this has led to increased interest from second home owners looking to rent out their property for at least part of the year.
Property professionals throughout Spain have seen an increase in enquiries and inspection trips, and certain areas such as Costa Blanca, Costa Calida, Alicante and Murcia are seeing respectable price increases.
Prices in Alicante began rising at the end of last year, with the average asking price of €220,000 in December rising to €231,000 in September. The region has enjoyed substantial investment into its infrastructure, and a second airport terminal was recently opened which should help attract more visitors, especially as prices are still below the national average.
Between April and June, Alicante saw its biggest ever number of sales to foreign buyers, but Malaga still took top place. It has been nominated as a candidate for the 2016 European Capital of Culture, and if it wins this will further boost tourism numbers and property sales.
The island of Mallorca still remains popular with visitors, and the average asking price is €416,300, which is the third highest average in Spain. The Spanish government has reduced VAT on new property until the end of the year, and this is also encouraging buyers to purchase now as it can save an average of €8000 on a €200,000 home.
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