Brits still biggest foreign investors in Spain
Wednesday, 17 August 2011 12:54 PM
Brits were responsible for more property purchases in Spain than any other foreign nation last year, new data has revealed.
According to figures from the College of Registrars, British property buyers were responsible for one in four properties purchases in Spain by foreigners in 2010, buying a total of 4,350 properties.
British expats and investors outstripped those from other countries, with the French following as the second-biggest foreign investors, buying 1,627 homes.
Although Brits are the biggest players in the market, last year also saw a rise in demand from Northern Europeans, with an impressive 102 per cent increase in Swedish demand and a 58 per cent increase in Norwegian demand for Spanish property.
Mark Stucklin, managing director of Spanish Property Insight, said: "It is undoubtedly good news that international demand for homes in Spain is getting more diversified.
"The holiday home market used to be far too dependent upon British buyers, which was a risk that many promoters and the banks' lending to them failed to understand. With the process of international diversification, sales should slowly start to increase."
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