New data from Spain’s notaries reports that residential property sales are rising with Brits leading the way in picking up the country’s property at reduced prices.
The statistic centre of the Consejo General del Notoriado has reported a 16.3% rise in the number of houses sold in Spain in the year to June 2014. However, the average price per square metre was down 5.7% to €1,214.
Within the Costa del Sol, the most popular destination for British buyers, there has been an 18% drop in available new homes according to consultants Aguirre Newman and a rise in the number of new developments from zero in the past three years to four in 2013. Furthermore, 90% of sales to foreign buyers were made without finance compared to just 15-25% for domestic buyers.
With the pound continuing to strengthen against the euro, Brits are leading the influx of foreign buyers to Spain. Recent high-profile British buyers include Times columnist Matthew Paris, who bought an Andalucian cave home and Olympic equestrian champion Carl Hester, who bought a penthouse in Sotogrande.
In addition to its beachfront Cosmo Beach apartments, EH International has now added a second Spanish project to its portfolio. Investors can now purchase two, three and four-bedroom luxury apartments and penthouses on the Valley Heights project overlooking La Quinta golf course in the Sierra Ronda foothills just above Marbella. Prices range from €269,000 to €449,000.