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Foreign investment in Spanish property hits nine-year high

Posted by: In: Real Estate 24 Apr 2014 Comments: 0 Tags: ,
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Photo credit: Pepe Rodmon

Foreign investment in Spanish real estate totalled €6.45 billion in 2013, 16 per cent higher than 2012 and the highest figure since 2004.

The figures are a bright spot in an often dim time for the country’s housing market, which now relies upon foreign buyers for its recovery as unemployment and financial uncertainty deters domestic buyers.

For overseas investors, though, Spain’s property has never been more appealing, with a PwC highlight the country as ideal for investment thanks to low prices. Indeed, property values have fallen by up to 40 per cent since the market peak in 2007, although that decline is now slowing down: prices are decreasing by just 4.1 per cent annually, which the Bank of Spain attributes to the rise in foreign investment.

Brits led the way, accounting for 15.1 per cent of property purchases, ahead of the French (9.84 per cent), Russians (8.58 per cent) and Belgians (7.26 per cent).

Buyers are being actively courted by Spain, who recently introduced a Golden Visa scheme to offer residency to non-EU buyers spending more than €500,000 on real estate in the hope of encouraging investment.

The picture is not entirely rosy: …read more

Source: The Movechannel

    

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