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October 10, 2013

Sales to foreigners continue to rise

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Sales to foreigners continue to rise

The Spanish property market is of great interest for foreign investors and individuals who want to buy a house or apartment in the Spanish territory. More often the Mediterranean coast of the country and world known resorts are the most famous regions of the country among the foreign citizens.

Statistics show that foreign appetite for Spanish property is not quenched. In particular, during the second quarter of 2013 was sold 14,600 properties, which is 23 % higher than a year ago.

Among the top foreign buyers, like for the past several years, are the British citizens. They are followed by French (10.7% of total transactions), Russians (8.7%), Germans (7.6%) and Belgium (7.5 %). The sharp increase in the number of Russian citizens who want to buy a house or apartment in Spain, which has been increased in recent years, greatly enlivened the local real estate market.

Sales of foreign nationals continue to grow, as evidenced by official data. The average annual growth in sales in 2013 amounted to 22.6 %.

55% of the total number of transactions for the purchase and sale of real estate have been committed with the participation of foreigners who are not resident in Spain, that means that these citizens are not resident in the country permanently. A total of 14,593 transactions were concluded in the second quarter of 2013.

Foreign citizens, who decide to purchase a property in Spain, primarily opt for the coastal areas of the country. And it is no coincidence, because Spain is known for its white sand shores, stunning scenery and developed infrastructure. The ideal place for a great holiday and for a successful life.

According to statistics, sales of foreign nationals increased especially on the coast of Murcia (43%), Andalusia (37 %) and Valencia (31.5 %) , while in the Castilla-Leon and the Basque Country sales fell by 33 % and 35 % respectively.

Citizens of the UK, though, and retain the top spot in the number of acquired property in Spain, but is clearly losing ground. In 2013, they accounted for only 15 % of all completed transactions, while in 2007 the figure was about 40 %.

According to a common indicator of notaries in Spain in 2013, foreigners resident in Spain paid 5.3% less than in the previous year. Cost per square meter averaged 1,380 euros in the second quarter of 2013.

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