Thanks to increased demand from foreigners, last year the Spanish property market saw definite signs of recovery. Unsurprisingly, most of the activity is concentrated in the coastal regions which are perennial favourites amongst expats, holiday makers and investors.
Figures provided by Ministerio de Fomento show that although local demand has declined the number of overseas investors has soared by 49 per cent during the last quarter, averaging an increase of 29 per cent throughout the year. As many as one in six properties in Spain are currently purchased by foreign nationals.
Malaga province, home to glitzy Puerto Banús and the cosmopolitan town of Marbella famed for its international restaurants, nightlife, golf courses and miles of golden sandy beaches, saw an incredible 61 per cent surge in the number of foreigners buying property over the last 12 months, second only to Alicante on the Costa Brava.
Foreign demand for property, particularly in prime locations such as Marbella, will be further boosted next year by a new government scheme offering non-EU nationals residency when they purchase properties worth more than 500,000€.