Increase in Spanish property demand from foreign buyers
Currencies Direct November 29th 2016 - < 1 minute read
According to figures compiled by notaries across Spain, demand by foreign buyers for Spanish properties saw a rise of 19.7% in the first half of 2016.
Notaries said that interest from foreign investors now represents more than one-fifth of the total demand for property.
It reflects a huge rise from 2008, when 6% of buyers were foreign or not resident in Spain.
However, notaries also revealed that demand from British buyers had fallen by 16% in the third quarter. It is thought that the country’s Brexit vote is responsible for the decrease. Notaries have reported that the relatively low value of the pound is to blame, rather than uncertainties around the legal aspects of leaving the European Union (EU).
According to the figures, Valencia had attracted the largest number of foreign buyers. Andalucia was second and Catalonia was third.
Demand was split fairly evenly between non-resident Spaniards and foreign investors, at 50.5% and 49.5% respectively.