Property sales made by foreign residents in Spain experienced an increase of 24.7% in the third quarter of 2011 compared to the same period last year, according to statistics from The Ministry of Public Transactions.
This figure takes into account all foreigners who are resident in Spain while further statistics show that the provinces with the greater number of purchases by foreign residents were Alicante (2097), Malaga (951), Barcelona (607), Balearics (516) and Santa Cruz in Tenerife (476).
The hunger for Spanish property looks set to continue with tax breaks and low interest rates on savings accounts among the factors encouraging buyers to hunt down bargains.
Marc Pritchard Sales and Marketing Director of Taylor Wimpey España, comments: "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.”
“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," he added.
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