Foreign demand has continued to boost the Malaga province property market. Last year, it recorded a 28 per cent increase in real estate sales to non-Spaniards, according to figures released by the Ministry of Public Works.
Of the 23,929 properties that were sold in the province in 2014, 9,190 were bought by foreigners, representing 38 per cent.
The sale of houses to foreign buyers has almost doubled in the past two years: from 5,140 in 2012 to 9,000 last year.
The good news is that last year purchases by Spaniards also rose by 29 per cent. But what is in “bad shape”, according to the president of the Association of Constructors and Developers, José Prados, is the demand for first homes.
The list of foreign property buyers is led by British, Scandinavian, French, Benelux buyers, Germans and Russians, in that order.
Of the foreigners who buy a property in Malaga province, the vast majority (8,010 of 9,190) are already residents in Spain. The number of non-resident buyers has not increased significantly, despite a government initiative to provide resident permits.
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The spanish government needs to overhaul it's tax rules if it wants non residents to buy