Good news for real estate investment
It’s the kind of news that will have property specialists across Spain smiling from ear to ear. According to reports published this week foreign investment in Spanish real estate has nit a nine-year high this year. In a statement from Spain’s central bank, direct investment topped 2.834 billion euros in the first half of 2013, an increase of 16 per cent from the same period last year. The report goes on to say that investors were primarily looking for office space, followed by hotels and residential properties, including investment opportunities on the
Costa del Sol. Property experts state that a stabilised euro, signs of an economic recovery and the low prices since 2008 have helped lure more investors here.
In recent years Russian buyers have also contributed greatly too, thanks to their penchant for purchasing luxury homes in sought after towns such as
Marbella. In line with this trend, figures reveal Russian buyers are now the second largest group of foreign investors in
Marbella, after the British. It’s also been reported by the Málaga Developers’ Association that Russian buyers accounted for nine per cent of all foreign property sales last year. Furthermore the number of tourists arriving from Russia at Spanish airports has doubled since the recession struck, from 995,000 travellers in 2008 to 2.1 million in 2012.
Meanwhile, the National Council of Notaries released figures showing that in the first half of 2013 the number of homes bought by non-resident foreigners increased by 13.6 per cent compared to the same period last year. The British are still the largest group of buyers, but only increased 24.6 per cent compared to other foreign investors such as the Belgians (at 78.1 per cent), the French (at 70 per cent) and the Germans (at 35.3 per cent).
Regardless of which nationality is investing, this foreign appetite for properties shows the strong desirability of
Marbella and its lifestyle to people from across Europe.
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