Are you looking to sell overseas property in Spain? The data from official sources in Spain reveals that the number of foreign buyers who have bought properties in Spain shot up by 12.9 percent last year and this pattern is set to follow for this year.
Today foreign buyers, especially cash rich overseas investors from emerging nations such as China, Hong Kong, Russia, Ukraine, Singapore and from the Middle East, account for one in five of all real estate transactions in the country.
That is impressive. Indeed, 76,780 homes in Spain were sold to foreign nationals last year, which represents a sharp increase over the previous year. The most popular foreign buyers were the British, who accounted for 20.6 percent of all transactions that involved an overseas investor.
In fact, the British were the busiest buyers in Spain over the last two years. The British interest in Spanish property has grown by 37.7 percent, which is significantly higher than the growth rate for other domestic buyers.
In all, a total of 15,810 homes were bought by British buyers in Spain last year. French buyers accounted for 8.8% of all the home purchases made by foreign nationals. Germans accounted for 7.5%, Belgians 5.7% and Italians 5.3%.
There’s been a massive increase in interest in Spain from Romanian buyers, who accounted for 5.3% of the home purchases, a significant growth of almost 60% over the previous year. Interestingly, the Russian interest has declined slightly. American buyers, meanwhile, continue to remain busy in Spain. The United States has always had a traditional affinity for Spain.
Andalucía, home to Costa del Sol, was one of the most popular regions in Spain with overseas buyers, accounting for 20.5% of all transactions that involved them. Andalucía offers great climate, has a first world infrastructure and has an open and friendly culture, which is instantly welcoming to foreign buyers. The Costa del Sol continues to attract cash rich overseas investors in droves.
Valencia, which is home to Costa Blanca, was hugely popular with overseas buyers as well, accounting for 27.6% of the sales. This is the most by any single region in Spain. Costa Blanca has a perfect Mediterranean climate, great cuisine and a large expat community. There are a number of international schools here, which makes it a perfect overseas property hot spot.
Catalunya, which is home to Barcelona, accounted for 15.3% of the buyers. Barcelona is one of the most beautiful cities in the world and also an expensive one. It is usually high net worth overseas buyers who purchase apartments in Barcelona.
The Canary Islands have always been popular, accounting for 10% of the purchases. The Canaries are connected by flight to most cities in Britain, France and Germany and are visited by millions of tourists every year.
The property market in Spain is certainly doing well, and this is in spite of a couple of landmark events that will be held just a few days from now, at the time of this writing. In fact, it is possible that they might have passed by the time you read this.
Spain, as our readers are aware, hasn’t had a stable government in the centre since the December, 2016 elections which threw up a fractured mandate. This has certainly meant that no big decisions have been taken by the Spanish government for a while.
The state of the housing market in Spain will become clearer once these events are behind us. If you need to sell property in Spain fast contact us today.