Fewer foreigners buying property in Spain
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News on Spain
27 March 2008
The number of Spanish property resale transactions to overseas nationals declined by almost 18% from Q2 2006 to Q2 2007, from 21,628 to 17,815.
A significant drop in demand was recorded in the Spanish capital of Madrid, where resales to foreigners declined from 3,496 in 2006 to 1,562 in 2007, down 55%. In the Castilla La Mancha province, there was a drop of 44% during the same period, down from 692 in Q2 2006 to 388 in Q2 2007.
Conversely, however, the number of resales to foreign buyers in the Canary Islands rose from 1,012 in 2006 to 1,746 in 2007, up 73%. The volume of resale transactions to foreigners in the Andalucia region also rose, up 24% from 2,317 to 2,861, according to the Spanish Ministry of Housing. Within Andalucia, the province of Granada showed the greatest growth in foreign resales, up 84% between Q2 2006 and Q2 2007.
This is the first time that this data from the MVIV has been made available to the public and once again highlights the downturn in Spain's property market.
