The international real estate consultants JLL forecast a record year for foreign investment in Spanish property.
Having grown for seven consecutive years, foreign demand for property in Spain is on course to maintain the trend this year, and set a new record in terms of sales to foreign buyers, forecasts JLL in a new report.
In the first half of this year alone, foreign buyers and funds have invested €888 million buying Spanish homes, smashing last year’s record of €330 million in the same period, according to research by JLL.
Madrid and Barcelona are hotspots attracting the most interest from foreign buyers, though other cities like Valencia, Bilbao, San Sebastian, Seville and Malaga are also on the radar.
Foreign demand is helping to “drive the consolidation of the residential market recovery, and make clear the large amount of capital around looking for investment opportunities,” argues the report.
Whatever negative impact Brexit has had on the market by reducing British demand, it has been more than made up for by demand from other countries. “The decline in British demand, and rise of other other countries, is leading to greater diversification of nationalities, which, coupled with prices that are still extremely attractive to foreign buyers, brings greater security in terms of the evolution of demand,” says Maurice Kelly, head of land and residential and JLL, quoted in the Spanish press.
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