Foreign Buyers Boost Andalucia’s Property Market

New figures released this month show that there has been an increase of 32% in property sales in Spain to foreign buyers.

Property figures for the second quarter of the year show that 2,985 properties were purchased in Andalucia with a huge 2,222 of sales being made in the Malaga province; a 33% year-on-year increase.

It is a long know fact that the Brits love Spain, a recent report shows that in the last 12 months 54.5% of overseas purchasers in Spain were British. France came second making up 18.2% of property sales.

Scandinavia, one-third of the size of the UK, has a steady economy and strong currency leading to many Scandinavians investing their money in the Spanish property market.

German buyers were heavily invested in Spanish property until the property bubble burst, leading to many of them selling up and moving out. This trend however is reversing and many German buyers are re-entering the Spanish property market; in the last 12 months 7.5% of foreign buyers in Spain were from Germany.

And a report by Tranio.Ru, Russia’s number one property website for oversea property sales and rentals, shows that Russian buyers are snapping up properties in Bulgaria, Spain and Turkey. 42% of 432 respondents said they would be looking for an investment opportunity and 33.6% were looking for a permanent residence. Some buyers, 1.2%, said they wanted to buy a property overseas to enable them access to medical treatment.

With the new Golden Visa scheme launched in Spain at the beginning of the year many Russian buyers are investing over €500,000 in the property market in return for citizenship within the country; this scheme has also encouraged an influx of buyers from China.