The International Monetary Fund has hailed the country for its remarkable economic rebound and overseas property buyers, particularly from the UK, are returning.
“Spain’s economy is recovering well with GDP forecast to reach 2.5 per cent in 2016, outperforming the UK and Germany,” said Kate Everett-Allen, partner at Knight Frank International Residential Research.
The country also has one of the most undervalued housing markets in the world, according to figures issued earlier this year by the Organisation for Economic Development.
Two very different Spanish developments provide a market snapshot – one new high-end venue in the Canary Islands where sales are outstripping construction and another long established, quite British and more affordable place on the Spanish Costas.
Tourist numbers declined post-2008, but are now back up, and property is also bouncing back with a flourish. There is no better example than Abama Luxury Residences, a des res development in south-west Tenerife, the largest of the archipelago’s seven main islands.
It is part of the Abama Resort, with its five-star Ritz Carlton hotel, situated on 400 hillside acres sweeping to the sea. The facilities range from an 18-hole golf course and a tennis academy through to a helipad and two Michelin-starred restaurants.
Large one to three bedroom Las Terrazas apartments feature spacious terraces that overlook the golf course, ocean and La Gomera island in the distance.
Sold freehold on a leaseback-style basis from €390,000 to €1.3 million (£312,684 to £1m) owners can stay a maximum of six months a year with the obligation to rent out the apartment the rest of the year. A full designer furniture package worth €60,000 to €80,000 is included in the price.