FOREIGN buyers are back, big-time, adding a welcome boost to the Spanish property market.
Last year, a total of 4,397 properties were sold to non-residents in Spain, a 7.4% increase on 2013 and 22% more than 2012.
In the case of agent RE/MAX Top, which has offices in Marbella and Malaga, foreign buyers make up the vast majority of their clients.
“Around 80% of purchasers in our Marbella office and 50% of purchasers in our Malaga office are foreign,” says RE/MAX Top CEO Miguel Bilbao.
“With tourism on the increase again and another record summer expected, we predict a high volume of summer tourists looking at property while they are here, particularly from the UK where the strong pound makes the investment even more appealing.”
A large percentage of purchases in 2014 were for top level, luxury properties, located in high-end tourist areas such as the Costa del Sol.
“There’s definitely more demand for the best properties and those in the most desirable areas are selling fast,” adds Bilbao.
“However there’s also a lot of interest in the lower end of the market for the more affordable properties in areas, such as the east of Malaga, where we’ve seen a lot of demand from over-50s British buyers.”
For more info email [email protected] or visit www.remaxtop.es