New reports reveal that when it comes to buying Spanish real estate, foreign investors are increasingly outnumbering their local counterparts.
Compared to the same period of 2012, the first six months of 2013 saw international purchases of property in Spain grow by 13.6%, the General Council of Notaries reveals.
Indeed, while Spanish spending in the international market has reached a ten-year low, the Bank of Spain reports that foreign investment in Spain reached over 2,834 million euros: the biggest amount recorded since 2004.
With an erratic market and mortgage lending at record lows, Spanish banks have made it difficult for their citizens to take the plunge and buy. Unsurprisingly, Spanish investment in property abroad has also dropped significantly with 89% less spending than in 2007.
Foreign investors escape the bulk of these problems, giving them an advantage when buying up property
Current levels of foreign investment in Spain are still 20 per cent less than the heady days of 2003.
However, Spanish newspaper El Mundo reported a healthy level of non-resident British citizens in this category. With 1,244 transactions made by Brits in the first quarter of 2013 it paints a bright picture for the future of Spanish property investment.
Article Written by
A Place in the Sun on Wednesday, October 30, 2013