More Foreign Buyers in Spain but Less Brits

More foreign buyers are buying property in Spain but the traditional purchasers from the UK are in decline, according to new data from property lawyers.

home in spainAccording to a new report published by Spain’s Notaries the number of foreign buyers increased by 9.8% in 2013 but the proportion of British buyers continued to fall.

Foreign purchasers accounted for 21.4% of all Spanish residential sales or 55,187 transactions in 2013 and it also highlights the areas that are popular with overseas buyers.

A breakdown by nationality showed the number of homes purchased by British buyers accounted for 14.7% of foreign purchases compared to 34.3% prior to the financial crisis in 2007.

Instead, French, Russian, German and Belgian buyers increased in number in 2013, rising by 10.9%, 8.2%, 7.8% and 6.9% respectively.

The Spanish Costas saw some of the largest increases in foreign purchases. Valencia came top, recording a 16.9% increase in foreign buyers year on year, the Canary Islands a 15.7% rise, Andalucía a 15.6% rise and Murcia a 15.2% increase.

The northern regions of Galicia, Castilla y Leon and Navarra recorded the largest falls in foreign buyers, each recorded year on year declines in excess of 20%.

Data for the average price paid by foreign buyers shows they are paying less. It fell 3.8% year on year to €1,486 per square meter.

According to a survey by the Urban Land Institute and PwC the real estate industry in Spain is moving into areas that a year ago would have been regarded as unbelievable. Of the 500 or more expert individuals questioned, 67% agreed or strongly agreed that there are now good buying opportunities in Spain.

 

Via: propertywire.com

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