Spanish Property Sees Foreign Investment Double in One Year
|Spain continues to be a fantastic place to buy property|
The analysts found British, French, German, Swedish, and Russian buyers are still the largest sources of foreign investment in Spanish property, accounting for a total of 13.2% of properties purchased in Spain last year. This represented the largest amount of foreign buyers entering the Spanish market in over a decade, with all signs indicating 2017 will see another record set for foreign ownership.
Based on the figures from last year, Brits were responsiblefor 19% of the property bought by foreigners, once again taking the lead as the most prominent foreign nationality.
Eight percent of foreign buyers came from France, while 7.6% were German and 6.7% were Swedish.
A total of 53,000 properties in Spain were sold to foreigners in 2016, meaning that if current trends of foreign interest continues for the rest of 2017, there could be close to 100,000 Spanish properties sold to foreign buyers by the end of the year.
The Spanish property market is being boosted by more than just foreign interest. Domestic demand has increased thanks to the economic recovery and the growth of the job market, which has compelled young Spaniards to take their first steps on the property ladder; enticed by affordable property prices and favourable mortgages across the country.