By Andrew Batt:
British property buyers were snapping up Spanish property last month according to real estate agents and developers, with Russian and Chinese buyers being targeted for future sales.
A study by Spanish real estate agency Inmoaction revealed that 56 percent of British buyers enquiring about the Spanish property market are actively interested in purchasing opportunities, with 27 percent of respondents commenting that they would buy a second home in the Iberian nation.
Results from the survey of more than 1,500 people also highlighted that the decline in prices in the Spanish property market is increasingly attracting British buyers looking for a well-priced dream home.
Marc Pritchard, Sales and Marketing Manager of leading Spanish house builder Taylor Wimpey España, said: “While the data shows that British buyers seem to be showing a great deal of interest in Spanish property, Taylor Wimpey España is seeing this interest translate into action. While enquiries by Brits have increased by 5.5 percent during August this year compared to the same time in 2011, last month saw 53 percent of all our property sales in August made to British clients – the strongest sales month to British buyers since September 2010.”
Keen to capitalise on this activity, the Spanish government and the Spanish Property Developers Association will be working together to formulate a plan that will target foreign buyers in order to help reduce the level of real estate stock on the market in Spain, with a focus on Russia and China as well as European Union nations.
Among the suggestions made, the Spanish Property Developers Association proposed measures that will make it more straightforward for funds to be transferred to the country when they are for a real estate transaction, as well as making it simpler for property buyers to obtain entry visas.
Pritchard added: “This plan demonstrates a sound and logical commitment from the Spanish government and Spanish Property Developers Association to propel the property market forward in Spain. Russia presents one of the best potential growth markets with the number of Russians buying holiday homes abroad, particularly in Spain having increasing tremendously over recent years.”
He added that August saw Taylor Wimpey España make 11 percent of its total sales to Russian buyers.
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