It is never an easy task to identify foreign demand for property in specific countries with utter confidence. Much of the information published is a ‘guesstimate’ aligned with what people generally know, such as the fact that British buyers have a preference for Spain and investors from North America tend to look to the warmer places closer to home, such as Costa Rica.
However, TheMoveChannel.com has recently published a survey that brings a bit more accuracy to the situation and we now have a clearer view of the world rankings thanks to this major property portal. We can also tell you that there has been something of a battle between Spain and the USA for top spot this year, with Spain moving into second place back in February. However, the latest quarterly report shows that Spain is back in the No. 1 spot again.
The survey shows that one out of every ten searches on the portal was for Spanish property during March and April 2017. In addition to this indication of Spain’s enduring popularity, the study also shows that searches for specific locations in Spain account for 31 of the Top 50 locations that most interest foreign buyers.
In some ways this reflects the annual renewal of interest in Spain when Spring arrives. As the temperatures rise in southern Europe, overseas buyers place their confidence in it as a destination that offers a warm and welcoming lifestyle. This is supported by data from Spain’s Property Register, which reveals details of sales to foreign nationals, and its latest report shows that overseas buyers bought 13.25% of all Spanish properties sold in the first quarter of 2017.
Not even Brexit appears to have dented British buyers’ enthusiasm for Spain. Some said this sector would decline, but those who work in the market were more upbeat about it and predicted that buyers from the UK would not be deterred. Indeed, Spain’s currently advantageous property prices are making it more appealing to British buyers than ever. It may cost them a bit more in currency terms, but they can see the potential for capital growth and that is keeping the Spanish property market buoyant among buyers from the UK.
It looks like Spain is set to continue its reign as the world’s most desirable property market for foreign buyers for some time to come.
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