Foreign buyers are more important than ever for the Spanish property market as it continued to shrink in the second quarter of 2013.
Data from the Spanish department of housing shows that home sales fell by 4.2% compared with the second quarter of 2012, but they were up on the previous quarter.
The data shows that it is foreign buyers who are keeping the property market propped up, especially in popular coastal areas where foreigners tend to buy second homes. Overall purchases by foreign buyers increased by 29% over 12 months and 49% quarter on quarter.
In popular areas like Malaga on the Costa del Sol the number of foreign buyers increased by 61% year on year and foreign buyers were up 52% in the Costa Brava, up 50% in Murcia, up 45% in Valencia, up 35% in Alicante on the Costa Blanca and up 25% in the Canaries.
The figures back up evidence from estate agents who say they have seen an increase in the number of foreigners buying property since the start of the year.
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