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Foreigners Buy More Real Estate in Spain

Property Magazine
Foreigners Buy More Real Estate in Spain - Spain - property

Foreigners are purchasing real estate in Spain for the purpose of living there. There were 9,502 transactions made in the second quarter of 2012. That reflects a 12 percent growth over the same time period in 2011. It has been four years since such a high number of transactions took place. In 2007 there were 11,130 transactions made by foreigners.

The increase is favorable and has covered a full year. However, it does not compare favorably to the second quarter of the year 2006 when close to 30,000 were registered. In 2011 there were approximately 5.7 million foreigners living in Spain.

One other factor influenced the current increase. The price of housing dropped. It went down to 1,606 euros, which equals $2,109 per square meter (10.56 square feet). That translates to approximately $200 per square foot. Getting more house for the money is a great motivator to buy.

In the first quarter of 2009 only 5,036 transactions took place. That was a lower point than at any previous time. Location in Spain is relevant too. The majority of transactions in the second quarter took place in Southern and central Spain.  Andalusia had the most and Catalonia the fewest. The Canary Islands had 1,173 sales.


Disclaimer: The information presented and opinions expressed herein are those of the authors and do not necessarily represent the views of Estates Report and/or its partners.