What has been happening in the property market locally across Orgiva, Lanjaron, The Alpujarra and Lecrin Valley.
First, let’s have a look at the facts and figures across the local markets and then we can look at some interesting numbers affecting this. Then we can take a look forward to what the rest of the year might hold.
First, let’s have a look at Orgiva Properties. There were 97 available for sale last month with an average asking price of 264,533 euros, an average price per sqm of 1,494 euros. Interestingly this has not moved much in the last quarter, at the end of April for example Orgiva properties for sale were at 91, with an average price of 262,986 or 1533 per sqm. So prices have remained fairly static but stock levels are up a little. This reflects the overall condition of the property market in Orgiva at the moment. There is still good demand for Orgiva Properties and correctly priced property, with the right marketing, is still selling. Interestingly there is a divide in the market at the moment with more than half of these properties price in excess of 200,000 and 37 priced over 300,000. When looking at the number of sales and the time on the market, it becomes clear that many of these properties in this price range have been lingering on the market for much longer than average. We will look at this in a bit more detail later.
Moving onto Lanjaron Property, there were 112 listed for sale with an average price of 160,00 euros or 1,733 per square meter. This is a very significant change over the last quarter when the average price was just over 200,000 So why is this? Well, as always with averages, there can be a number of things that skew the figures and this is why any calculation of value using square meter prices is usually quite incorrect and why no professional agent would rely on this figure. There are currently only 16 properties in excess of 300,000 but nearly half of those for sale are under 100,000. So prices have not really changed very much over the last quarter when adjusting to take this into account. There is still string activity and demand in particular parts of the market, but there are also a number of properties that are lingering on the market at the higher end and skewing the average figures.
Lecrin Valley
A similar story is shared with Lecrin Valley Property, prices and activity have remained fairly stable over the last quarter with both available property numbers and prices not changing too much. For example, in Lecrin 78% of properties for sale are under 100,00 euros yet in Pinos Del Valle only 55% of properties are under 100,000 showing the variation across each village in the Lecrin Valley
Last month in Talara there were only 6 properties for sale with an average price of 120,433.
So, what is happening in the wider marketplace coming into August, when traditionally much of Spain comes to a standstill with annual holidays across almost all industries except tourism.
Well, here at Lanjaron Property we have seen a significant increase in enquiries both from Spanish buyers and from our international clients. This has in part been fuelled by significant house price growth in many of the mature markets across Northern Europe, the USA and Canada and Australia. Buyers who are planning to retire to the area, now have more power in their pocket from these increases but also due to changes in the international currency markets, you can read more about this in our regular currency exchange updates. That is why it is important to fully understand all of the factors affecting the marketplace when preparing your property for sale. Different types and styles of property appeal to different types of buyers and this can also be affected by current trends in the buyer’s home country. There have been some significant shifts in demand over the course of the year so far, particularly relating to Spanish town houses for sale and for Cortijos and fincas for sale.
I have also been speaking with our global network partners about the demand for properties in Spain and they are reporting a significant increase in enquiries and demand, especially for good quality and well-presented properties. The demand for reform projects or the old “doer upper” has slid back in recent months, partly due to the number of horror stories that perpetuate about tackling this sort of project but also due to a demographic change in the types of buyers who are currently active in the market. These tend to be more inclined to be retiring to the area and want more of a “turn-key” proposition, where they can still make their own mark on the property but do not have the hassle of major works.
If you are thinking of selling a property in the area or have one for sale that is not selling, then do get in touch for an informal chat about how we can help with this. We are always happy to meet sellers and buyers and offer our advice with total honesty and integrity.
Look out soon for our series on “What Legal means in a Spanish house” and don’t forget to like our page or subscribe to our channel to be the first to see the latest property news.
You can also watch the video here: https://youtu.be/KwHpglgCS88
