The financial crisis in Spain is officially over and although property prices are slowly recovering, they’re still a long way below the peak of 2007.
Despite the recovery of the Spanish economy, there are still relatively few Spanish buyers in the market because access to credit is limited.
However, there is a group of buyers who typically don’t need a mortgage and who, in some areas of the country, are responsible for over half of all property transactions.
For the foreseeable future, these buyers will spend more than the average Spanish buyer and their significance and influence in the Spanish property market will continue to increase.
We’re talking about international buyers
Buyers from the UK, France, Germany, Italy and Scandinavia make up the bulk of international property purchases in Spain. Their respective home economies recovered years ago, some have a currency advantage, and they’re buying property in Spain at a rate never seen before. It’s a trend that’s set to continue.
There are 1.6 million residents in Malaga. Total house sales in Malaga: Annual change 10.04% (Q3 2016) 6,903 sales. 38.91% of sales were international buyers. 154,786 euros was the average price. There were1452 mortgage approvals.