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September 9, 2013

Foreign buyers are saving the real estate market in Spain

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Foreign buyers are saving the real estate market in Spain

More than 17% of real estate for sale in Spain is purchased by foreign citizens. The portal for real estate in Spain “Habitaclia” released statistics on the real estate market in the second quarter of 2013.

A total of 80,722 transactions and recorded sales in the second quarter of this year, which is 4.2% less than in the same period of last year. Such a reduction in the number of transactions is much smaller than in the first quarter of 2013, when the decline in the number of real estate transactions occurred in 21.5% (compared to the first quarter of 2012). This decrease was due to the abolition of tax relief on the acquisition of real estate from January 1, 2013, and the increase in the tax rate of VAT from 4% to 10%.

According to data released by the Ministry of Development of Spain, 16.9% of the properties sold from April to June 2013 (13,632 transactions) have been sold to foreign citizens. Such data is a record high since the beginning of statistics, launched by the official institute in 2006. The real estate held by foreign residents in Spain also increased by a significant 28.4%. This trend has been going on for the past eight quarters.

Of the total number of sold properties may be obtained the following data: 82, 6% was the real estate of secondary market and 17.4% was of the new construction. It is also worth noting that 95, 3% of the objects were in the free market, while only 4, 7% – were the objects under state protection.

The experts of the portal “Habitaclia” also analyzed the data obtained by province in Spain. Thus, the statistics showed that in the province of Alicante was bought most of real estate by foreigners permanently residing in Spain, namely the 3,543 registered transactions. Malaga became the second province in popularity with 1,771 sold properties, and Barcelona – on third place with 1,008 transactions. On the Canary Island Tenerife was bought by foreigners 921 real estate and in the province of Girona (Costa Brava) – 767 objects.

Also, according to experts, 5 autonomous regions of Spain increased the transactions of buying and selling of real estate: on the Canary Islands by 16.2%, in Catalonia by 12.1%, in Murcia by 9.5%, in the Valencian Community by 3% and in Andalusia in 0.1%.

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