Granada, a particular hotspot and cultural hub of Andalusia for native and international buyers alike, is a definite option for primary and second-home buyers.
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Spain’s Housing Prices Now Calm After Pandemic-Inspired Fluctuations
As in all housing markets worldwide, the pandemic had a huge impact on fluctuating prices in Spain and in particular, Granada. After a relatively steep decline in 2020 when many owners chose to unload their properties during the country’s lockdown, pent-up demand then drove sales as well as prices once the market reopened.
In Granada, the cultural and employment hub and lifestyle center of Spain’s autonomous community of Andalusia, buyers wanted properties with outdoor space, both in the city and in the ring of suburbs around it rather than rural properties.
Across Spain, prices rose approximately +2.4% from Q1 to Q2, according to Spain’s National Institute of Statistics after falling -7.2% between the fall of 2019 and fall of 2020, the largest quarterly gain since mid-2018. Granada’s prices allowed suit and climbed by +4.7% during the first nine months of 2021.
Susana de la Riva Anel, the director of marketing and communications with the real estate firm Tinsa, said that the current average value of homes in the city of Granada is similar values at the end of 2019, approximately $173/square foot. The city’s housing stock is dominated by 40- to 50- year-old apartments. Prices of newer single-family houses in the ring of suburbs surrounding Granada are a bit lower.
High-End Market Strengthening in Andalusia
Sergio Andre, CEO of Seville Sotheby’s International Realty, said, “Although Madrid, Barcelona and Marbella occupy the top positions in (Spain’s housing) market, in the past two years the high-end market has been strengthened in Andalusia.”
Andre’s firm has experienced an uptick of +30% in Andalusian sales over the past two years. Once travel restrictions were lifted among Spain’s 17 autonomous regions, Andre said that the vacation-home market was “activated again.” Additionally, “Thanks to the flexibility of many companies and the increase in teleworking, many people are making their holiday homes their first residence for much of the year.”
Location, Location, Location
Halfway between Granada and Almeria, near the southeast coast of Spain, semi-rural properties often offer 365-degree panoramic mountain views of the snowy peaks of the Sierra Nevada National Park, south to the Sierra de Contraviesa and the Alboran Sea to Morocco.
Homes themselves are often surrounded with olive trees, wisteria, rose plants., fruit trees and almond and poplar trees. Some properties boast eco-friendly features including seasonal irrigation canals, solar light in gardens and smaller outbuildings. Manny are filled with local and artisanal details.
Buyers in Granada
In Granada, foreign buyers, approximately 20%, tend to come from France, Belgium. Britain, Germany and Sweden. Along the Andalusian coast, roughly 35% of buyers are foreign.
In the high-tier housing market across Spain as a whole, international buyers are currently interested in properties near the French border in the country’s north and in the south and in the Balearic Islands.
Foreign buyers are welcome to buy in Spain without restrictions. All that’s necessary is obtaining a Foreigner Identity Number for approximately 15 euros or $17 currently.
Thanks to The New York Times.
