Spanish non-resident property sales increase by 10%
Spanish non-resident property sales increase by 10%
The latest property statistics published by the Ministry of Development (Ministerio de Fomento) just last week show that the number of Spanish homes purchased by people usually resident outside of Spain in the last quarter of 2015 reached 19,482, an increase of more than 10% compared to the same period in 2014, and accounting for nearly 17% of all residential property sales across Spain.
Almost 4,500 property sales were registered between 1st October and the end of 2015 in the Alicante Province, with more sales across the Costa Blanca than other prominent property hotspots. Malaga recorded 2,738 transactions, Barcelona 1,813, Madrid 1,422, and even the usually frantic property market in the Balearics recorded just 1,650 residential property sales.
Although nationally one in every six property sales in Spain was made to a non-resident, the coastal regions of Spain prove considerably more attractive for foreign property investors. In 2015 a total of 69,196 property sales were registered to non-Spaniard´s, with the foreign property market in the Alicante Province representing 50.6% of all residential sales, outstripping annual domestic demand for the first time in years.
Additionally, demand for property from non-residents in the Alicante Province exceeded foreign sales throughout all other areas of Spain, with Santa Cruz in Tenerife coming the closest, recording 42.3% of its´ residential sales registered to foreign investors. Neighbouring Murcia registered 23.2% of the total property sales for 2015 to investors outside of Spain.
The fourth quarter of 2015 saw Costa Blanca´s municipality of Torrevieja record the seventh most active local property market in the whole of Spain, with only Barcelona, Madrid, Malaga, Valencia, Seville, and Zaragoza registering more residential sales.
Alexander Pichlmayr, Managing Director of La Zenia estate agency Inmo Investments reported “Demand for local property throughout the Vega Baja remains markedly robust and vibrant, with property in Torrevieja and the Orihuela Costa performing beyond our usual expectations for this time of year".
“It´s clear that Costa Blanca property is very much in demand", he said, “and with an early Easter this year we´re expecting the positive market trend that started last year to continue well in to the rest of 2016".
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