Increase in sales to foreigners

Statistics from the Ministry of Public Transactions has shown an increase in the number of Spanish properties sold to foreigners. Figures showed an increase of 24.7% in the third quarter of the year, compared to the same period of 2010.

Alicante was the top of the list for the number of property sales to foreign buyers with 2,097 sales. They were followed by Malaga with 951 and Barcelona with 607.

Sales and Marketing director at Taylor Wimpey España, Marc Pritchard, said: “The increase in property sales to foreigners in the last quarter of 2011 shows that many buyers have been discerning enough to strike while the iron is hot and purchase properties that are well priced and in excellent locations.”, the Olive Press reported.

Mr Pritchard went on to say “It is looking likely that prices in Spain will begin to increase by the end of 2011 with places like Tenerife and Malaga seeing property values improve signaling good news for the Spanish real estate market next year,”.

With low interest rates on savings accounts and low property prices it seems the crisis isn’t yet deterring the buyers completely.