Scandinavians Flock to Spanish Real Estate
Buyers of second-hand houses are the cause for Spain‘s property market‘s recuperation, largely because of Scandinavian buyers, according to reports.
In 2017, Swedes were the 5th largest group of international buyers of Spanish real estate and amounted to 6.4% of the entire foreign acquisitions, as stated by governmental statistics published last week. In the final quarter of 2017, transactions of foreigners equaled 13.6% of all Spanish real estate deals—a height not seen for 2 years, report states. Swedish nationals‘ activity in Spain has increased significantly over the past half decade. In 2012, for example, Swedes amounted for only 4.6% of foreign acquisitors, by data from the Spanish registrar.
The largest group of international real estate buyers in Spain last year were the British, equaling 15% of foreign purchases, French were second with 8.6% and Germans were third with 7.8%, data shows.
Currently, Spain has taken throne as the most rapidly growing economy of the Eurozone, restoring greater certainty back to the real estate market and therefore captivating demand from North European countries. “Throughout the last few years, we have seen a significant hike in interest, from Swedish buyers especially,” stated Marc Pritchard, sales and marketing director of Taylor Wimpey España.
Norwegian and Danish nationals‘ purchases of Spanish property have also risen. Norwegians accumulated for 2.2% and Danes for 1% of total foreign real estate sales, according to the annual data from the Spanish registrars.
In general, foreign buyers caused a huge increase in home sales in Valencia. In the government statistics, it can be seen that home sales in the eastern coastal province increased by 21% in 2017 comparing it to the previous year. Foreign acquisitors amounted for 40% of the agency’s clientele in the area. Biggest parts of the international buyer pool being French, British and American citizens.