The number of non-Spanish buyers purchasing property in Spain has experienced a sharp increase according to the latest figures from the Spanish Land Registrars Association.
According to the Land Register, the number of residential property sales involving a foreign buyer in Q1 was around 14,870, up 15.6% when compared to the previous year. The rise was in-spite of a drop off of Britons buying property in Spain the previous year.
Overall, the Spanish property market expanded by 14.4% in Q1, thanks also to a rise in local demand, which was up 14.2% year-on-year.
Following on from the slight dip in numbers following Brexit, Britons are returning to the Spanish property market, with their numbers making them the largest group of foreign property buyers in Spain.
Britons accounted for 2,150 of home purchases in Q1 and 15% in terms of foreign market share, whilst the French accounted for 10% and the Germans accounted for 8%.
“By nationality, foreign demand rose across the board, with the exception of the UK, Ireland [-5.8%], and Ukraine [-0.5%],” said Mark Stucklin of Spanish Property Insight. “Italian buyers led the way with an increase of 57.8%.”
One trend to note, according to the Spanish property expert, is the increase in buyers from the ‘rest of the world’, a number that has been rising since the start of 2014.
He continued: “All countries that account for less than 100 buyers a year are lumped into this group, and they now represent 41% of the foreign market.
“So demand for property in Spain is increasingly diversified and fragmented, with important implications for agents and developers.
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