Spanish property market driven by foreign investment in 2017

Spanish Property

According to Premier Marbella news sources, a recent report on the Spanish property market shows that in the first quarter of 2017 foreign nationals purchased 15.000 properties in Spain, which represents a 13.1 per cent share of the total property sales. 

Of the increasing number of Spanish property purchases especially holiday homes on the Costa del Sol, UK buyers are top of the list accounting for 14.5 per cent which definitely surpasses all other nationalities and the French market share second at 9.6 per cent. Followed by Germans with 7.7 per cent, Belgians 6.9 per cent and Swedes at 6.3 per cent.

The data in this report shows that the Spanish property market continues to be driven by foreign investment in 2017, following the positive trends of 2016. Analysts predict that foreign buyers will purchase over half a million properties in 2017 with the majority of the properties sold being second hand.

Leading Marbella property specialist Romano Keogh commented that Spain is currently enjoying a rise in property sales particularly noted on the Costa del Sol. This can be attributed to the sense of insecurity in many other popular touristic destinations which consequently has propelled the growing demand to buy property in Spain. Prices have started to recover some lost ground and there are many new luxury off-plan developments and villa projects of contemporary styling attracting high worth foreign investors. An influx of Russian, Chinese and American investors point to the Costa del Sol as a major global property hotspot.

Another interesting data report was released from the National Statistics Institute (INE) which shows that the number of mortgages constituted on property stands at 27,720, 20.2% more than in March 2016. The average lending amount is 114,469 euros, with an annual increase of 6.4%.

Premier Marbella, offering over 25 years of dedicated service to the Marbella property sector, specialists in luxury properties, villas and apartments for sale in Marbella, The Golden Mile and other areas of the Costa del Sol.