July 2013 Archive

Wednesday 17th July 2013

UK still rules the waves in Spanish property sales

Sunny Spain is still a property hot spot for UK homebuyers. 

The United Kingdom is way out in front of a league table of property sales in Spain. Recently-released figures show 11,316 Spanish homes were bought by UK residents in 2012. France comes second with 6,778 sales while Russia is a close third by buying 6,555 properties.

Spain is also proving popular with Norwegian buyers with 4,390 sales. The sunny weather and the strong Norwegian krone against the euro are two major attractions for buying property in Spain. Their Swedish neighbours are also keen to invest in Spain and bought 3,236 homes to put them in fifth place.

As well as European residents, Spain is also proving popular in South and Central American countries with 846 homes sold to Argentineans. China is another surprising contender with 3,873 houses bought by Chinese residents.

Although the UK leads the way in sales, they are much further down the league when it comes to how much they pay for their villa or apartment. The average price of Spanish real estate sold to UK residents is €164,654. 

Only 903 sales were made to Danish people but they are buying more expensive homes with an average price of €210,377, which puts them at the top of the league. Fellow Scandinavians in Norway are also prepared to invest more in their Spanish houses with their average price being €200,678. 

Third in the league for the highest average price is the Netherlands at €199,095.

At the other end of the scale, there are people are looking for more modest properties with an average price of less than half those at the top of the league. The biggest bargain hunters come from Morocco where the average price spent on a Spanish property is €86,711. Romanians are also on the look-out for cheap homes and pay an average price of €100,214 with Colombians coming in next with an average price of €108,202.

Many investors are buying real estate at much lower prices than a few years ago, even in the popular areas around Alicante, Murcia, Malaga and the Balearic Islands. Spain enjoyed a property boom until about 2008 when sales fell and prices dropped. Prices have fallen by about one-third since 2007 in some regions, according to a Wall Street Journal report. There are also many repossessed apartments, villas and chalets for sale through the banks at knockdown prices.

Nigel Salmon, managing director of Girasol Homes, said: 

"There are some surprising figures in the table showing who is buying in Spain. It is interesting to see investment coming from the strong Scandinavian countries as well as further afield, like China.

"We are also very pleased to see that the UK is still No 1 when it comes to buying property in Spain and that their love affair with the home of flamenco, fiestas and fine cuisine continues.”

Property for sale in Spain

Have a comment on UK still rules the waves in Spanish property sales?

1 comments so far. Add a comment