Spanish property sales have risen to a three-year high, according to new figures, as foreign demand continues to soar, driven by attractive prices and exchange rates.
The imbalance between new property and existing homes is echoed by Spanish notaries too, whose latest report says that sales rose 8.4 per cent year-on-year in May, with resales rising 14.5 per cent and new home sales falling 21.5 per cent.
Sales are primarily occurring in markets popular with foreign buyers, such as Barcelona (sales up 17 per cent), Catalonia (13 per cent) and Malaga (10 per cent). Indeed, the market’s recovery is increasingly dependant on overseas demand, as extremely affordable conditions attract more investors aiming for holiday home bargains, even as unemployment and a high level of supply hinder domestic buying activity.
Sales and Marketing Director of leading homebuilder Taylor Wimpey España, comments: “Spain offers British buyers everything they are looking for from a holiday home location – it’s a short flight from the UK, the weather is fantastic, there are more Blue Flag beaches here than anywhere else in the world and the cost of living is low compared to the UK. It’s a winning combination, particularly with pounds stretching even further thanks the exchange rate at present.”