It is always a wonderful experience to look back on a successful year, albeit a very hectic one! So as we prepare to take our festive break, let me take you on a quick overview of 2024; what it meant for the property market in the Lecrin Valley, our plans and expectations for next year and some exciting projects in play…
The real estate market in the Lecrin Valley is dynamic and this year was characterised by increased property prices, higher interest rates and many very speedy sales! It was remarkable how many houses changed hands without even being advertised on our own website or the property portals.
In general, property sales across Spain experienced a small decline at the beginning of the year, yet despite persistent inflation and rising interest rates, property prices have continued to rise.
A property microclimate
Much like our climate, the Lecrin Valley property market is niche, and doesn’t always conform to what is happening elsewhere in Spain, but despite our property microclimate, there are some similarities to the bigger picture: Prices in the Lecrin Valley have risen by approximately 4.5% and nationally by 4.3%. At the time of writing, Q4 figures are not yet available, but the forecast is for price growth to continue at the same pace, with a projection of 4.4% by 2025, which brings a lot of stability and provides a perfect environment for both investors and those looking for their ideal long-term home.
Interest rates
The forecast of most Spanish banks suggests that the Euribor rate is likely to fall to around 2.65% by the end of 2024 and fall further to around 2.1% in 2025, potentially further boosting demand and great news for current property owners and those who are looking to buy with a mortgage.
Matchmaking is our pleasure
It continues to be a joy and a privilege to make the right matches between properties and new owners, and to help so many people realise their dreams. We have dealt with many different situations this year, especially with our sellers. Many had positive reasons to sell and move on, while others were struggling with unhappy circumstances, which makes it even more worthwhile to be able to help. All in all, we are grateful for the superb market conditions and as ever, very happy with our fantastic working environment.
Water conservation
As someone originally from The Netherlands, it is still funny for me to cheer for every rain drop and foreign visitors don’t always understand this excitement! Our experience in most of Spain is that water conservation and management is becoming increasingly important for both the environment and for people looking for a place to live. We are luckier than most, because in the Lecrin Valley, we benefit from double the amount of water in the form of snow from the nearby Sierra Nevada as it returns as meltwater to our rivers and lake in the spring.
At the time of writing, the Embalse de Beznar (our local reservoir) is at almost 83% of its total capacity, which is outstanding, particularly if you compare that with, for example, the Embalse de Beninar in Almería at 8% and Lake Viñuela in Malaga at 21%. Just another reason why we are so happy and so fortunate to live in this beautiful verdant environment, with our ancient yet incredibly efficient irrigation systems (acequias) in place to distribute the water over our beautiful olive groves and citrus orchards as they have done for many hundreds of years.
An important conservation & leisure project
Along the southern bank of the aforementioned Beznar reservoir, a new walking path is currently being built. This largely flat route is ideal for hikers and cyclists and runs all the way between Beznar and Restábal. Aside from its benefits for recreation, a key aim of the project is to assist with protecting and improving our precious Lecrin Valley ecosystem, with particular emphasis on reducing soil erosion, conserving the existing vegetation and encouraging further forestation.
On the Restábal side, a new starting point is being created with a picnic area with parking, and a leisure area. This is great news for both locals and visitors to the area and another demonstration of how the Lecrin Valley is always looking to the future.
We turn our hands to property development!
Due to the constant demand for good quality homes, as a business we have purchased two houses this year, that we will be renovating to sell as turnkey properties. Keep an eye on our social media for updates, because you won’t want to miss them!
In summary, it’s fair to say that our vision for 2025 is very positive and we are ready to go to help more people find their perfect home again next year.
More than ever, it will be important to be quick, so let us know what you are looking for as early as you can, be ready to move and you will be the first to hear about new properties for sale in the area.
As ever, we would not be able to do what we do without the assistance of all the wonderful people we work with, so we would like to take this opportunity to thank everyone who has been part of our journey this year: to all our vendors for trusting us with the sale of their house; to all our buyers for letting us guide them through the process and to all the other professionals we continue to work with, thank you for making this year as special as it was.
Now it’s time to enjoy a well-deserved holiday, and like every year, we will be back in January, energised and ready to help homeowners to sell and new clients to fulfil their Spanish property dreams.
Our last day in the office will be Friday 20th of December and we will be back on Tuesday the 7th of January, ready to help you all succeed in your New Year’s resolution to find your own perfect Lecrin Valley home!
Happy holidays and see you in 2025!
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