Offshore banks eye up Spain as property boom gathers apace

A LEADING international mortgage broker is reporting ‘sustained growth’ in Spain’s property market.

Record-low interest rates, cheap credit and a Europe-wide economic recovery were also helping to attract buyers to Spain. Daniel Howarth, Co-Head of Enness International, said: “Following a significant period of uncertainty in the Spanish property market, we are now seeing growth, with both property prices and demand increasing.

“As well as a growing demand for property, we are also seeing an improved appetite from banks to lend in the region, thanks to sustained growth in property prices in prime investment regions such as Madrid, Barcelona, Marbella and the Balearics.

“This coupled with a healthy yield and increasing ‘occupier demand’, is enticing offshore banks to invest in lending platforms to accommodate existing and prospective clients looking to buy there.”

Enness International also noted that banks that previously restricting their activities to less volatile countries like France or Germany are ‘increasingly considering Spain as a good area of credit investment.