Two years ago, we wrote an article on Spain contrasting its footballing strength – highlighted by Real Madrid smashing the world transfer fee record for Gareth Bale – with its economic fragility. Real ended last season as Europe’s champions for a record 10th time, while rival Barcelona trumped them this year, winning a treble of domestic and European honours. But this sporting success is no longer at odds with the economic news – in fact, our latest forecasts highlight Spain as one of the continent’s hotspots.
Even in 2013, there were signs that Spain was turning a corner after several dark years of austerity and contraction. The economy returned to growth by late 2013 led by improving competitiveness and export growth. The upturn was initially slow, but has since been reinforced by a revival in domestic spending, as unemployment stabilised and then began to decline. By early 2015, Spain had become one of the Eurozone’s most dynamic economies, a sharp turnaround from the doldrums of 2010-13.
Our latest Investor article focuses on the attractions of Barcelona
Read the article here: http://www.joneslanglasalleblog.com/investor/barcelona-from-the-football-pitch-to-the-property-market/
but the economic upturn is bringing clear benefits in both of Spain’s largest cities. Barcelona and Madrid have reappeared on the radars of international property investors as buyers flocked to take advantage of improving market fundamentals. Corporate demand has picked up with the economic upturn, which, against a background of tight supply, stimulated a turnaround in office rents by last year.