Latest figures released last week by the central Government show 90,746 property sales in Spain in the second quarter of 2011.
Many real-estate analysts and agents say it is overseas buyers that seem to be driving the market forward.
Mark Stucklin, founder of spanishpropertyinsight.com, said “Economic and political uncertainty, with unemployment over 20 per cent and general elections in November, are making Spaniards wary about buying primary residencies, let alone holiday homes and much hope is being pinned on foreign buyers coming to the rescue.”
Among the provinces Malaga has the second highest figure for sales to foreigners with 1,110 homes sold to overseas buyers in Quarter 2. Alicante registered the highest number of sales to foreigners.
Estate agent Jeanette Wilson said “Cash-rich buyers, especially those looking to buy at the top end of the market, are able to purchase properties 35 to 40% cheaper than they were three years ago. I’d say if you can afford to buy now you should as it’s thought prices will start to creep up again soon.”
In a survey carried out by ‘A Place in the Sun’ magazine last year, more than 60% of potential British buyers would consider Spain proving that Spain is still a favourite destination for Britons.
Steve Dibden, a Brit who recently bought a Spanish property said “My friends and I were holding fire and have been watching prices steadily come down since 2008, but now, thanks to the property crash, we’ve been able to afford a pad that previously would’ve been a serious stretch for us. Many people in our situation are now thinking that the time is right to look for a property in Spain. In real terms, prices are at an all time low in many areas so it’s the ideal time to go for it.”