Spanish property purchases by overseas investors have reached a three-year high, according to new figures released by the Bank of Spain.
The Bank of Spain and developer Taylor Wimpey de Espana have released figures that demonstrate that Spanish property received 748 million Euros in investment from overseas property buyers, which shows an increase of 27% from 2010.
Since the recession, this was the highest annual rise and the second consecutive annual rise, and this upward trend is set to continue.
Figures released from Taylor Wimpey revealed an increase of 21% from their sales figures in the first quarter of this year in comparison to the same period last year.
The market is by no means recovering, but overseas property investors have been showing greater interest as falling prices in Spanish property are appealing.
Mark Pritchard, sales and marketing director of Taylor Wimpey de Espana, said: “Prices across Spain are readjusting with sellers and agents pricing more reasonably.”
Spain continues to be a favourite investment and holiday destination for Brits and with the current strength of sterling against the euro, the country is an attractive holiday home hotspot.
Jon Ainge, director of International Property Success, said: "I can't think of a better opportunity to invest in some exceptional properties at substantial discounts with the lowest interest rate we are likely to see for the foreseeable future."
While Brits continue to flock to Spain, property interest has also been shown by investors in Norway, Holland, Sweden and Denmark.
Transferring money to Spain
If you are looking to invest in Spain, think carefully about how you will be transferring money to Spain. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.
So if you are sending money to Spain – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.
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