More Nationalities in Search of Spanish Bargain Properties

In 2013 Spain will see an increase in foreign investors interested in snapping up bargains in their struggling real estate market. The British agency, Inmoaction, who specialise in attracting investors from the UK, estimate that in 2013, foreign interest in Spanish properties will grow beyond the classic British, German, Scandinavian and Russian markets.

The company based its forecasts on “enquiries received in the last months of the year and on a housing market survey conducted”, they explained in a statement, as well as in the evolution of the housing demand experienced in 2012, where foreign investments in property grew 18% year-on-year to September.

Thus, El Mundo reported that the agency predicts that 2013 will see a diversification in the nationalities of buyers, no longer focusing only on the traditional markets. “In the last quarter Inmoaction have been contacted by investors from Egypt, Iran and even Vietnam,” they said, all interested in the purchase of property, and in one month they have received “two enquiries from groups of investors seeking hotels for sale in Spain, and others interested in mansions or small palaces to transform into hotels.”

“The Government’s proposal to grant visas has given a positive result, at least in foreign investors’ intent to purchase,” the agency explained.

According to the agency, demand for real estate as an investment product has and will continue to increase, and they believe foreigners will be attracted by the low prices, with the ‘product-investment’ as the key. “Buying cheap to rent, buying very cheap to reform and buying for tourism development will all be on the rise in 2013,” said the agency.