THE property market in Spain is not heading for a crash next year, a leading estate agent boss has insisted.
Sean Woolley, CEO of Cloud Nine properties, says the market on a national and local level has cooled in 2023, with some prices dropping, however this has not resulted in a crash.
The price drops were partly caused by many homes in areas like Marbella having been slightly overpriced.
He added: “I would rank the market in Marbella as a steady 7.5 right now, with a good flow of clients and a higher value average buyer than pre COVID. Marbella and the Costa del Sol as a destination, long term is staying strong.
CEO of Cloud Nine, Sean Woolley, insists the property market in Spain is not heading for a crash
“It’s fantastic for primary home buyers, for secondary home buyers, for investors and I don’t see that changing.”
Woolley, who has worked in property on the Costa del Sol for over 20 years, said pent up demand from the Covid pandemic led to a surge in purchases and ‘a couple years of genuine growth in terms of price.’
He said: “I think now we’re seeing a little calmness coming back to the market, with just gradual price rises in the more popular locations. This is good news for anyone concerned about a property bubble.
“I think the market is in good health and there’s definitely no sign of a crash. In fact, there is still a lack of supply of good resale stock in good areas. While there’s a lot of building taking place, demand is high for new build developments and these are regularly selling out.