Investment in Spanish property reaches 2,100 million euros in first quarter 2016
According to the latest data, investment in property in Spain between January and April reached 2,100 million euros. Although the amount is 800 million euros less than during the same period last year, when sales reached up to 2,900 million, the first quarter of 2016 is still the second best start of the year since the beginning of the crisis in 2008. This amount has only been surpassed by the figures of 2015, a year in which the activity was exceptionally high. However, although 2016 has started somewhat slower, experts see a positive stabilization of the sector, in line with expectations.
Regarding the buyers, for several years the market has been dominated by international buyers; particularly, foreign investors are responsible for most sales of high-end properties.
In the case of the luxury market in Barcelona, according to a study of the real estate Lucas Fox International Properties, up to 83% of the homes of more than 950,000 euros sold in 2015 went to foreign hands, compared with only 17% who represented the buyer of Spanish nationality.
These data contrast with those recorded in Madrid, where the weight of foreign and Spanish is shared equally.
During the past year there has also been a surge in the Dutch and American buyers, although the British still have a prominent role. Sales to buyers from Britain rose 50% in the Catalan capital, while in Ibiza roughly two thirds of transactions registered have been made by brits, probably due to the strong appreciation of the pound against the euro during this past year.
Lastly, we cannot forget that the non-resident buyer is very interested in the domestic residential market, for rental puroposes. In fact, according to the Association of Registrars, international buyers staged 14.38% of the total purchases and sales of homes in the last three months of 2015, resulting in a new record high in percentage terms. These figures demonstrate the strength of foreign demand, especially British, French and German, and have involved 12,000 quarterly transactions, according to the agency.