By David Fuller
Figures show that foreign nationals spent a massive 888 million Euros on Spanish properties in the first six months of 2017. This is more than double the investment seen during the same period of 2016. What makes the most recent figures even more exceptional, though, is the fact that foreign investment spending on Spanish property in 2016 hit its highest level in over a decade. Last year, foreigners were responsible for 13.2 per cent of all Spanish housing sales.
Yet a recent property market report from global investment management company Jones Lang LaSalle suggests that this percentage will be easily eclipsed this year. This would mark the eighth successive year that total foreign investment in Spanish property has risen.
In spite of Brexit, Brits still make up the largest share of international buyers snapping up Spanish properties, comfortably ahead of investors from France, Germany and Sweden.
What’s more, a recent report from property website RightMove Overseas revealed that Spain is still the most enquired about destination among British overseas property seekers, garnering around 2.5 million searches from the UK every month.
Partly driven by foreign investors, property prices in Spain are also now rising after years of decline and stagnation.
Recent figures released by leading Spanish property valuation firm, Tinsa, showed that the average property price in Spain was 2.3 per cent higher in June 2017 than it was in June 2016.
Moreover, the company’s Spanish house price index has recorded year-on-year price increases in each of the last ten months.
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