Increase in foreign buyers seeking Spanish property and sunshine

PLACE IN THE SUN: A bigger dream than ever before for foreigners.

IT’S taken time but accurate sales figures for the first half of the year are now in having been painstakingly compiled by notaries across Spain. A clear picture of the Spanish property scene can now be drawn and makes for fascinating reading. 

Foreign demand for homes experienced a healthy jump of 19.7 per cent and now accounts for more than a fifth of total demand. That represents an astronomical rise from 2008 when just over 6 per cent of buyers were foreign residents or non-residents. 

Unsurprisingly, despite the leap in foreign demand, there was a slight lowering of British interest as the Brexit referendum approached. Rather than fears over the complex new legal frameworks involved in leaving the EU, the chief concern was the value of the pound.

Regardless of the undoubted hesitation from many potential buyers, Brits still made up the largest contingent of foreign buyers, ahead of the French, Germans, Italians and Swedes. The number of Russian buyers slipped considerably which may be due to continued EU sanctions. 

The Valencian community was home to the largest number of foreign buyers, who clearly favoured coastal regions. Andalucia and Catalonia made up second and third, while there were slightly more non-resident buyers than full expats at 50.5 per cent to 49.5 per cent.

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