Spain experiences surge in overseas property buyers

In the second quarter of this year, Spain experienced a surge in overseas property investors - new figures show.    

According to globaledge.co.uk, figures from the General Council of Notaries highlight how the number of properties purchased by foreign buyers increased by 43 per cent in Q2 compared to the same time 12 months ago.

The majority of foreign buyers did not purchase a home in order to live in Spain; with 8,030 homes sold during Q2 to non-residents. The number of British buyers also increased by 25 per cent.

However, the number of British buyers is down; as just 15 per cent of all overseas investors are from the UK. Nevertheless they remain the biggest group, closely followed by the French (11 per cent), Russians (nine per cent), Germans (eight per cent) and Belgians (also eight per cent).

Marc Pritchard, sales and marketing director for Spanish property builder Taylor Wimpey Espana, said the property market is expected to continue to improve for the rest of the year, reports propertywire.com.

"The final quarter of this year is set to be great in terms of sales, surpassing the levels previous to the economic crisis with sustained growth of international visitors and second home buyers not just picking up a Spanish visa but bringing with them the power to propel national market recovery," he said.

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