Foreign Property Buyers in Spain Continue to Flourish

38,312 non-residents bought properties in Spain last year, almost on par with 2007 levels.

The latest data from the General Council of Notaries revealed a substantial 28.4% increase in the number of foreign and non-resident buyers of Spanish property in 2012.

“The situation on the ground here in Spain over the last 12 months is in many ways different to how it has been portrayed to the rest of the world. Far from Spain being ‘in pain’, the second homes market in 2012 experienced a real revival with more buyers from more diverse countries seen since 2007″ said Marc Pritchard, Sales & Marketing Manager of Spanish house builder, Taylor Wimpey España.

Taylor Wimpey’s own activity has shown a similar increase. “We experienced an overall 31% increase in sales to foreign buyers in 2012 with Russians up 27%, Brits 24% but also notably Scandinavian buyers up a massive 311%” commented Pritchard.

Looking ahead to 2013, he is confident of continuing improvement, “Sales in Mallorca are already up 100% in February 2013 compared to last year, while buyers in the Costa del Sol for the same period have increased by an impressive 183%.

With prices remaining competitive, new frontline projects such as our La Vila Paradis development on the Costa Blanca and the proposed new residency law expected to come into place shortly, I remain confident in the Spanish second homes market in 2013.” concluded Pritchard.