Belgians are buying more property in Spain

The Belgians are buying more and more homes in Spain.In the second quarter of 2013 about 1,072 purchases , of which 812 as a second residence. In relation to the population no other country buys more property in Spain, writes Time on Thursday.

The rise coincides with the disappointing sales of apartments on the Belgian coast.

With the economic crisis and over demand, house prices have fallen in Spain since 2007 by an average of 37 percent . The market for second homes had totally collapsed by the financial crisis .

Now Northern Europeans are less concerned about the crisis and the real estate prices in Spain seem to be bottoming out , and the foreign buyers are coming back.In the second quarter of 2013, 14.500 houses were sold to foreigners, 22 percent more than in 2012.

Belgians are buying more properties in Spain
Photo:Jimmy Kets  –  Belgians are buying more properties in Spain

Fifteen percent of the homes were purchased by the British, 10.7 percent by the French, 8.7 percent by the Russians , 7.6 by Germans and 7.5 percent by Belgians.In 2007 Belgians accounted for only two percent of all foreign purchases in Spain.

Due to higher taxes on second homes In the second quarter of 2013 there were 78 percent more international buyers than the same period in 2012 .Time notes that the rise from 2012 coincides with the disappointing sales of apartments on the Belgian coast.Brokers suggest that higher taxes are to blame.

For example, four of the ten coastal municipalities increased taxes on the second stay last year. In addition, Belgians’ fear that after the 2014 elections property will be addressed domestically.

Article source: standaard.be

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