Low Spanish Real Estate Prices Attract International Buyers

  • 13 years ago
  • Uncategorized

Although prices of property in
Spain have fallen over recent years and the weak pound has deterred many
British buyers, foreign interest in Spanish property remains strong.  That’s the view of head of Spanish
Property Insight Mark Stucklin who believes that the demand from overseas
buyers remains buoyant.

The comments come after new
figures show that prices of property in Spain continued to fall in July, making
bargains even easier to come by.

Increased interest in property in Spain from Europe, China and the Gulf

The International Business Times reports that there has been increased
interest in property in Spain from other European countries, as well as buyers
coming from China and the Gulf. 
And, Jose Luis Suarez, a professor at the IESE Business School, told The National that there has been a
significant rise in interest among Swedish and Norwegian buyers.

Mark Stucklin from Spanish
Property Insight says overseas buyers are “taking advantage of reduced
prices and in some cases distressed sales from banks who are prepared to offer
very attractive financing”.

Property in Spain sees 6.4 per cent fall in prices in last year

Overseas buyers are increasingly
likely to snap up a Spanish property bargain as new figures show that prices in
the country fell again in July.

The General Spanish Real Estate
Market Index (IMIE General) revealed that the country experienced a
year-on-year decline of 6.4 per cent, although some areas were hit harder than
others.  Prices of property on the
Mediterranean coast fell by 9.5 per cent between July 2010 and July 2011.

Two of the better performing
areas were the Balearic and Canary Islands where property values fell by just
2.5 per cent in the same period. 
Managing director of Mallorca Sotheby’s International Realty Stephen
Dight attributed this better performance to there being a lower number of homes
on these islands meaning that there are not the same issues of oversupply as
there are on the mainland.

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