Foreign investment in Spanish property increased by an annualised 2.4pc in Q1, according to the latest figures from the Bank of Spain (BoS).
The figures include all types of property, not just residential, and all types of investors such as banks and funds, not just individuals. As such, they give us a clue as to how all types of foreign investors see Spanish property.
As you can see from the chart above, foreign investment in Spanish property has increased significantly since the Q1 low of 2010 (+33pc). This suggest that foreign investors see Spanish property as an opportunity now that the bust has brought down prices.
Investment by Spaniards in property outside of Spain, in contrast, has crashed 50pc in the last 12 months, and more than 80pc since its peak.