Half of Alicante property sold to foreign investors

A total of 50.21% of property sales in the Alicante region were to foreign investors during the second quarter of 2016, according to the Spanish Ministry of Development.
 
This reflects an increase from 25% at the beginning of 2011.
 
British buyers make up a quarter of the area’s foreign buyers.
 
Spanish legal and tax specialists Fuster & Associates has revealed that this rise in sales has been the result of resale property purchases.
 
In its newly released Costa Blanca Property Market Report, the firm said that the years of a weak property market experienced during the recession have “given way to genuine optimism after the market stabilised in 2014 and subsequently returned to growth in 2015”.
 
Fuster & Associates added: “Resale property is becoming ever more dominant on the Costa Blanca South as the new wave of developments caters more towards low density, higher-quality housing. There is also now a lack of available land in the most sought-after areas and the land which is available is expensive.”