Tuesday, 15 October 2013 10:13

Foreigners are big buyers in Barcelona’s property market

The most popular provinces among foreign buyers of Spanish property were, in order, Alicante, Malaga, Barcelona, Tenerife and Girona.

One in six properties sold in Spain was bought by foreigners in the second quarter of 2013, according to news reported in English-language online publication “The Local”. Figures released by Spain’s Ministry of Development revealed that foreigners bought 16.7% of the 80,722 properties sold in Spain over the three-month period, apparently a record since the introduction of this type of property statistic in Spain. The most popular provinces among foreign buyers of Spanish property were, in order, Alicante, Malaga, Barcelona, Tenerife and Girona.

 

Further figures reveal that the British continued to buy more property in Spain than any other nationality in 2012, although this could change with the passing of the new Residency Law, which will give non-EU citizens legal residency in Spain if they invest a minimum of €500,000 in Spanish property (under certain conditions).

Luxury properties on the market in cities such as Barcelona continue to woo buyers, and real estate opportunities abound. This is particularly true for rental properties, where prices have fallen in Barcelona due to Spain’s economic problems.