New figures show that Brits buy more properties in Spain than non-resident investors from any other country.
According to statistics recently issued by The College of Property Registrars, overseas buyers bought a total of 46,000 homes in Spain last year – approximately 10 per cent of all transactions made.
British investors accounted for roughly one-fifth of these purchases (9,956), placing them ahead of investors from France, Germany and Russia.
The College says that foreign demand for Spanish homes increased by 11 per cent in 2015 when compared to 2014, while domestic demand also increased, albeit by only 7 per cent.
This increase in demand also led to an annual increase in property prices for the first time since the country’s property market crashed so spectacularly in the late noughties.
The latest data shows that property prices nationwide increased by an average of 4.3 per cent in 2015, with the Balearic Islands driving the price rises. Property prices on the islands rose by an average of 8.4 per cent in the final quarter of 2015 alone.
Article by David Fuller