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The real estate market in North Costa-Blanca offers a prime opportunity for foreign buyers in 2024. Due to a combination of favorable factors, this is the ideal moment to consider purchasing property. The willingness of banks to offer mortgage loans again at more favorable interest rates, and the high interest in the region have created a coveted environment for international buyers wanting to invest in this beautiful Mediterranean country.
If you are considering buying a house in Spain, it is essential to take into account your individual preferences and purpose. Whether you are looking for a home as a main residence or as an investment, the options are varied and attractive.
If you are considering buying a house as a main residence, it is crucial to choose a suitable location that fits your personal needs and family composition. Do not only evaluate the house for the warm months, but also for the slightly cooler winter months, in other words, is the house insulated and equipped with heating? Does it have good sun exposure? Are there shops or schools nearby or are you looking for peace and quiet? And as there is still more demand than supply, it is unlikely that prices will drop.
On the other hand, for those who want to invest in real estate, the focus is on profitability and diversification. Seeking advice from real estate experts can help you identify areas with growth potential and gain insight into local regulations. New construction projects offer opportunities for significant long-term returns. Also, renovation projects in favorable locations can offer great opportunities.
Additionally, it is essential to understand the local regulations and seek expert advice to maximize the potential of the investment. Be alert to whether or not you can obtain a rental permit, if you buy with the intention of vacation rental. The regulations for its issuance are interpreted differently per municipality.
As for the predictions for the year, it is expected that interest rates will drop in the second half of the year, which could stimulate economic activity in the real estate market. This could translate into more activity in the sales of existing homes and the continuation of construction plans by developers and thus possibly higher prices as a result.
Overall, 2024 seems to be a good time to consider buying a house, thanks to the favorable market conditions.
