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Foreigners pile into Spanish property

Posted by: In: Real Estate 28 Mar 2014 Comments: 0 Tags: ,
A snippet from the data from Spain's notaries

The number of foreigners buying in Spain rose by nearly 10% in 2013, and from an increasingly diverse range of nations, yet the pattern is very mixed across the country.

Data from Spain’s Colegio General de Notariados reveals that the largest increase in foreign buyers last year was in Valencia, where there were 17% more overseas buyers in 2013 than in 2012. Numbers from the Canary Islands, Andalusia and Murcia all rose by 15%, while the biggest losers were Galicia where foreign buyers were down by a third, Castilla y León and Navarra.

Delving deeper into the data however (see chart, below), the good news is that total transaction numbers have returned to just 7% lower than pre-crisis levels. Some provinces, such as the Balearic Islands (IB), Canary Islands (IC) and Catalonia, are well above.

Over the last couple of years the influence of less obvious areas – such as Galicia, Aragon and Castilla y León, Castilla-La Mancha – has dropped again, and dramatically, since a brief mid-crisis boost in 2009. Others appear to be doing well compared to last year, such as Murcia, yet are still only a third of the 2007 level.

The most dramatic change since 2007 has …read more

Source: OPP



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