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Investors compete for Spanish property

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Overseas Investors compete for Spanish property

Property hunters may look to make overseas money transfers to scoop up homes in Spain, according to BuyAssociation.

Paul Collins, editor for the group, claimed that interest in Spanish property has increased and that competition is heating up.

"Competition for buyers continues to increase, so it is likely there will be more incentives to tempt purchasers through the door," he commented.

"The best response from buyers at the moment seems to be for 100 per cent finance schemes, which may be part-funded by the developer, and for high-end premium property."

Latest Spanish property figures show that there were nearly 25,000 home sales in June 2010, excluding social housing, which was down by 26 per cent when compared to the same month in 2009 - when the economic crash was at its peak.

The results look bleaker when compared to June 2007, which shows that sales have dropped 60 per cent.

Year-to-date, transactions are down by 11 per cent when compared to last year, three per cent compared to 2009 and as much as 55 per cent when compared to 2007.

It is thought that the fall in transactions is due to the ongoing economic downturn as well as the abolition of the mortgage tax relief at the end of the previous year, which brought forward sales that might otherwise have taken place in the first half of 2011.

Atlas International recently claimed that low prices are favouring overseas property investment, with James Dearsley, the European sales director, claiming the market has undergone a "remarkable" transformation.

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