Compared to the same period of 2012, the first six months of 2013
saw international purchases of property in Spain grow by 13.6%, the
General Council of Notaries reveals.
Indeed, while Spanish spending in the international market has
reached a ten-year low, the Bank of Spain reports that foreign
investment in Spain reached over 2,834 million euros: the biggest amount
recorded since 2004.
With an erratic market and mortgage lending at record lows, Spanish
banks have made it difficult for their citizens to take the plunge and
buy. Unsurprisingly, Spanish investment in property abroad has also
dropped significantly with 89% less spending than in 2007.
Foreign investors escape the bulk of these problems, giving them an advantage when buying up property.
Current levels of foreign investment in Spain are still 20 per cent less than the heady days of 2003.
However, Spanish newspaper El Mundo reported a healthy level of
non-resident British citizens in this category. With 1,244 transactions
made by Brits in the first quarter of 2013 it paints a bright picture
for the future of Spanish property investment.
Source: aplaceinthesun.com
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