The latest figures from the General Council of Notaries has revealed a substantial 28.4% increase in the number of foreign and non-resident buyers of Spanish property in 2012, with declining property prices the main reason attributed to the rise in the volume of people buying property in Spain over the last 12 months. However, the data contrasts with last month’s INE figures which revealed that there was a 3% fall in the overall number of Spanish property transactions last year.
According to the General Council of Notaries, a total of 38,312 non-Spanish residents purchased properties in the country in 2012, with indications that market conditions could improve further.
Overseas property commentator mentions … ” The situation on the ground here in Spain over the last 12 months is in many ways different to how it has been portrayed to the rest of the world. Far from Spain being ‘in pain’, the second homes market in 2012 experienced a real revival with more buyers from more diverse countries seen since 2007 …”
“Indeed in line with the General Council of Notaries’ data, we’ve experienced an overall 31% increase in sales to foreign buyers in 2012 with Russians up 27%, Brits 24% but also notably Scandinavian buyers up a massive 311%!”
The geographical shift in buyers was also noted in the recent data with Russians becoming, for the first time, the second largest buying group in 2012, surpassed only by the British. Scandinavian and Benelux buyers also retained their dominance outperforming German and Italians and newcomers such as Algerians and Kuwaitis were also welcomed as buyers in the last 12 months.
// Group Uno