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More overseas nationals buying property in Spain

Posted on by peteradmin247

The latest figures from the General Council of Notaries has revealed a substantial 28.4% increase in the number of foreign and non-resident buyers of Spanish property in 2012, with declining property prices the main reason attributed to the rise in the volume of people buying property in Spain over the last 12 months. However, the data contrasts with last month’s INE figures which revealed that there was a 3% fall in the overall number of Spanish property transactions last year.

According to the General Council of Notaries, a total of 38,312 non-Spanish residents purchased properties in the country in 2012, with indications that market conditions could improve further.

Marc Pritchard, sales & marketing manager of Spanish house builder, Taylor Wimpey España, comments: “The situation on the ground here in Spain over the last 12 months is in many ways different to how it has been portrayed to the rest of the world. Far from Spain being ‘in pain’, the second homes market in 2012 experienced a real revival with more buyers from more diverse countries seen since 2007.

“Indeed in line with the General Council of Notaries’ data, we at Taylor Wimpey España experienced an overall 31% increase in sales to foreign buyers in 2012 with Russians up 27%, Brits 24% but also notably Scandinavian buyers up a massive 311%!”

The geographical shift in buyers was also noted in the recent data with Russians becoming, for the first time, the second largest buying group in 2012, surpassed only by the British. Scandinavian and Benelux buyers also retained their dominance outperforming German and Italians and newcomers such as Algerians and Kuwaitis were also welcomed as buyers in the last 12 months.

According to data from the General Council of Notaries, the average price of homes purchased by Swedish citizens was 252,766 euros. In Andalusia, 29.4% of the purchases made in the first half of 2012 were non-resident foreigners. “The average sale price for us in 2012 was 164,000 euros, with large differences between different areas. For example, in Torrevieja, the average price is 114,000 euros while in Nerja it is 245,000 euros.”

Pritchard added: “The current domestic Spanish property market is reeling from one body blow after another however; our sales volumes prove this has not deterred foreign buyers purchasing second homes. Many view the Costa Blanca as the preferred holiday home destination; with warm seas, sunny skies, plenty to do day and night and more cheap flights per day than you could shake a stick at, it is a serious lifestyle option for fed up Brits looking to escape the cold.”

 

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