Overseas property buyers have invested a record-breaking €888 million into the Spanish property market in the first half of 2017. The amount dwarfed last year’s record of €330 million with the Balearic Island enjoying a 20% increase in the number of visitors from the UK in May this year.
The most active international investors have been from Germany, Scandinavia, Britain, and Russia.
According to Marc Pritchard from Taylor Wimpey Espana, the property market in Spain is not only recovering, it is booming! “A decade on from the crisis and Spain’s property market is not only back on its feet but thriving. The appeal of owning a second property in Spain, be it to enjoy holidays with friends and family or to relocate, has endured. I have no doubt the country will welcome another record year of international investment.”
The first half of 2017 has also seen record-breaking number for Spain’s tourism sector. The National Statistics Institute recently reported that 36.3 million tourists visited between January and June, a 12% rise in comparison to the same period in 2016.
Total investment in Spanish property for 2017 is expected to exceed €1 billion.