An increasing number of Northern Europeans are buying property in Spain, despite the continued market dominance of British expats.
Spain has always been a popular destination for British buyers, with expats accounting for one in four purchases made in 2010. A total of 4,350 properties were sold to Brits last year, but demand from Scandinavian investors is increasing.
The number of Swedish buyers has shot up by 102 per cent in the last 12 months, according to the latest figures from the College of Registrars. Other North Europe countries are moving in on Spanish property too, with Norway boosting their share of the market by 58 per cent.
Mark Stucklin, Managing Director of Spanish Property comments: "It is undoubtedly good news that international demand for homes in Spain is getting more diversified. The holiday-home market used to be far too dependent upon British buyers, which was a risk that many promoters and the banks' lending to them failed to understand. With the process of international diversification sales should slowly start to increase."
The market in Spain is improving after a subdued period during the credit crisis, with a 4.4 per cent rise in sales to foreigners last year. Although investors from around Europe are stepping up their purchases, the Spanish government continues to favour British buyers, offering them more legal information and providing cheaper Land Registry certificates in English.
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