Overseas property investors are returning to Spain in droves according to the latest data released by the Spanish Land Registrars Association.
Sales to overseas property investors rose by 15.6 per cent in the first quarter of 2017 compared to the same period in 2016.
Overall demand in the Spanish property market increased by 14.4 per cent year-on-year during the same period, with demand from Spanish nationals also rising by a significant 14.2 per cent.
The property market in Spain suffered badly following the global financial crisis of 2008, but all the signs now seem to confirm that the market has now turned in the right direction.
Purchases by British overseas property investors in the Spanish market were down by 23.6 per cent year-on-year, following Brexit and the fall in value of the British pound against the euro.
However, despite the year-on-year fall British investment in Spanish property was still the largest group of foreign investors. British buyers accounted for 15 per cent of all overseas property investors in Spain during the first quarter of the year.
French buyers were responsible for 10 per cent of all foreign investor transactions, with Germany in third place at 8 per cent. Investors from Italy rose by 57.8 per cent during the first three months of the year.
Sales to other nationals that are recorded in the ‘rest of the world’ catagory that have historically been relatively low have shown a strong rise. These sales now represent 41 per cent of the overall foreign investment market in Spain, perhaps reflecting the success of residency and citizenship offers.
It seems that Spain is now regaining its popularity with overseas property investors across the globe, who recognise the many bargains that still remain to be had.
Despite the drop in British interest due to Brexit, UK buyers still remain the largest single nation of buyers in the Spanish market. It remains to be seen if interest will climb again once Brexit terms are agreed.