Spanish property market struggles to recoverReports from various agencies show that the Spanish property market continues to struggle to gain any momentum on the road to recovery. Property prices in Spain are continuing to fall which is helping to attract foreign investors from across Europe and further afield. New figures from the Land Registry office show that house prices fell by more than 2.3 per cent from the last quarter of 2012 and are still almost a third lower than levels reached during the peak of the market prior to the global financial crisis.
UK real estate investors remain among the top of the list of foreign investors looking for property to buy in Spain, closely followed by Russian investors and buyers from France, Belgium and Germany. The number of foreign investors is likely to increase if plans go ahead to offer a residency visa to buyers located outside the European Union if they buy a property worth upwards of E500,000 – if agreed the new directive will apply from January 2014.