First half of year shows increase in property sales to foreign buyers
According to statistics from the Ministry of Housing, property sales to foreigners in the first half of the year went up by 26.2% in the province of Malaga. This was the Spanish province with the largest number of sales made to non-Spaniards during this same period around 1,814. The average figure for Andalucía also grew but not by quite so much; around 23.6% with a total of 2,772 transactions.
José Prado of the Malaga Association of Builders and Developers warned that the figures did not necessarily mean that the holiday home industry was waking up from its lethargy. He explained that a series of factors coincided to increase the number of properties sold to buyers from abroad. He stressed that banks were trying to get rid of their stock of repossessed properties by offering excellent mortgage conditions to their foreign clients.
Prado also pointed out that the rise in sales transactions being completed before the end of June could also be put down to the increase in value added tax which came into effect from the beginning of July.
Another factor mentioned by Prado was that foreigners have started buying more second hand properties.
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