International Property Sales in Spain Up by 28.4 Percent in 2012

28 May 2013

A total of 38,312 non-resident foreign citizens bought property in Spain last year. This is an increase of 28.4% on the 2011 figures, according to data from the General Council of Notaries. 42% of transactions closed with a price of over 160,000 euros.

By region, Murcia and Andalucia are the two autonomous communities that saw the largest number of buyers, while last year Catalonia recorded more than double the number of buyers it had in 2007. The origin of new property buyers has also changed, because for the first time the Russians have become the second largest group of buyers by volume after the British. This raises big issues for Real Estate Companies selling to international buyers in Spain according to Nick Stuart Managing Director of Spanish Hot Properties. In Alicante Russians are now the number one buyers and sales are very much on the increase in Andalucía. Ignore the Rusia Market at your peril. That’s why we have Russian professionals looking after Russian clients said Nick

In terms of prices, 42% of transactions closed at over 160,000 euros. More specifically, this sum is the proposed limit set by the Spanish government after which it will concede residency to foreigners who buy property however nothing has been agreed but this is only likely to increase property sales in Spain from Russia.

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