Notaire figures show surge in foreigner buying property in SpainInternational buyers are buying more properties in Spain with non residents the driving force behind the increase in foreign demand, according to data from the General Council of Notaires.

Foreigners bought 14,593 homes in Spain in the second quarter of 2013, up 23% compared to the same time last year, the figures based on deeds witnessed by notaries show.

People not living in Spain bought 43% homes in than the same period last year, whilst foreigners resident in Spain only bought 4% more, the data also shows.

Most foreign buyers are non-resident, to the tune of 80% in many cases.

Foreign sales increased the most in Murcia, up 43%, followed by Andalucia with an increase of 37% and the Valencian Community with an increase of 32%.

Sales to overseas buyers are expected to increase even more in the fourth quarter of this year thanks to the introduction of the so called golden visa that grants residency to non European Union nationals if they spend a minimum of €500,000 on property.

According to Marc Pritchard, sales and marketing director for Spanish house builder Taylor Wimpey Espana, the golden is likely to appeal buyers from Russia, China the Middle and Far East who are keen to access the EU and enjoy visa free travel in the 26 country Schengen Zone.

He points out that although the minimum investment level is €500,000 this doesn’t have to be in just one property, it is accumulative and can be made up by investing in one or more properties.

‘We have already seen a staggering 2,500% increase in Middle Eastern buyers so far this year compared with the same period in 2012 and a 190% increase in buyers from Russia and Lithuania in the same timescale,’ he said.

‘The final quarter of this year is set to be great in terms of sales, surpassing the levels previous to the economic crisis with sustained growth of international visitors and second home buyers not just picking up a Spanish visa but bringing with them the power to propel national market recovery,’ he added.

Source: http://www.propertywire.com