No shortage of foreign buyers for Spanish homes
Low property prices in Spain continue to draw hoards of overseas investors hoping to buy a home in the sun for a bargain price. According to official figures the number of overseas visitors buying a property in Spain has increased for the last five consecutive quarters. The greatest rise in home sales to foreign investors occurred during the third quarter of 2012 – sales figures reveal an 18 per cent rise on the same period twelve months earlier. The most popular regions continue to be coastal areas with Alicante topping the list closely followed by Malaga on the Costa del Sol. Demand from foreign real estate investors is expected to gather strength if the proposals put forward by the Government is approved to offer residency to non-European Union buyers. A slow-down in the construction sector of the residential Spanish property market could result in a shortage of the type of property in demand from overseas buyers in the months ahead.