Apartments are the new villas, when it comes to Spanish property wish lists.
80 per cent of properties sold in Spain in 2014 were apartments, according to the General Council of Notaries, as flats begin to replace the once-idyllic rural villa as the dream of overseas buyers.
Housebuilder Taylor Wimpey España says that second homeowners’ tastes have changed and evolved over the last 50 years.
Sales and Marketing Director Marc Pritchard explains: “Buyers are much more discerning than they used to be when it comes to property type and location. Remote, isolated villas are falling out of favour as second homeowners’ demands have changed.
Indeed, both domestic buyers and those from overseas now favour condominium style living, with proximity to shops, restaurants as important as beach access. Buyers want modern conveniences, like apartments that are pre-wired for internet connectivity.
“Rustic charm has had its day in Spain,” adds Pritchard, although he notes that they do still have demand for townhouses.
“Almost all of our developments now feature a mix of apartments and townhouses, in order to satisfy the shift in demand,” he comments.
Costa Beach in Mallorca, for example, has ground floor homes with private gardens as well as luxury penthouses. The resort is located close to local shops, eateries and golf courses, as well as the beaches of Port Vell and Costa de los Pinos.
What is certainly still true, though, is that buyer numbers are up, as confidence in the Spanish property market gradually builds. Prices are projected to rise by 2 per cent by the end of 2015, according to Bankinter, prompting many British buyers in particular to buy while the exchange rate is so good and before prices increase further. Cumulative sales data to July 2015 shows that Taylor Wimpey España’s buyer numbers have jumped by around 28 per cent.