Spanish Property Market Report March 2014
09 Mar 2014
With overseas demand increasing whilst local sales slump, foreigners have grown to represent 12.85% of the market in Q4 last year, or 11% taking 2013 as a whole, up from a low of 4.25% in 2009. It’s fair to say that the foreign buyers have helped the Spanish property market avoid complete meltdown.
2013 was the best year since 2007 for real estate sales to overseas buyers, when foreigners bought 69,450 homes in Spain. However the record 82,000 properties sold to overseas buyers in 2006 (22,617 to British buyers alone that year).
STATISTICS FOR OVERSEAS PROPERTY BUYERS IN 2013
It won’t surprise you to know that UK buyers still are the biggest but demand from them has fallen considerably but they still make up 15% of the overseas property market. The largest percentage increases came from Finland, up 90%, followed by Sweden (+65%) Belgium (+52%), and Denmark (+37%). Most interestingly Scandinavia and Finland as a block are 13.5% almost as much as the UK. Then with France at 10% on the increase due to new draconian tax laws in France it becomes a very interesting to see that there is no one country providing the buyers in Spain. However Spanish Hot Properties would say that buyers from France, Belgium, Norway and Sweden seem to be the keenest.
Below are the top 10 countries in percentage terms
COMMUNIDAD VALENCIANA AND ANDALUCIA NOW MAKE 60% OF THE OVERSEAS MARKET
In Málaga province, home to the Costa del Sol, sales increased 8.5%, Also sales were up in Alicante home of Costa Blanca. Málaga and Alicante are now the biggest property markets in Spain which is surprising with Andalucía representing 32% and Valenciana 26%.
OUTLOOK FOR SPANISH PROPERTY MARKET IN 2014
Well from the first two months of activity in Costa del Sol nothing has really changed its still France, Benelux and Scandinavia leading the way. However at Spanish Hot Properties we believe that France could overtake the UK as the number one country for overseas property buyers in Spain if the initial activity is anything to go by. The only problem on the horizon is that properties in prime location areas are already on the increase and buyers still think they can buy at 2013 price which isn’t the case on the ground. Other than that we expect sales to increase further in 2014
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