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Foreigners snap up bargain homes in Spain

22-12-2011 20:38

Property sales made ​​by foreign residents in Spain experienced an increase of 24.7% in the third quarter of 2011 compared to the same period last year according to statistics from The Ministry of Public Transactions.

This figure takes into account all foreigners who live and resident in Spain while further statistics show that the provinces with the greater number of purchases by foreign residents were Alicante (2097), Malaga (951), Barcelona (607), Balearics (516) and Santa Cruz de Tenerife (476).

With this in mind, Spain looks set to continue this trend according to experts with a final rush of property buyers seeking out Spanish real estate before 2011 comes to a close with experts suggesting that tax breaks and low interest rates on savings accounts will be the main factors encouraging buyers to hunt down bargains.

“The increase in property sales to foreigners in the last quarter of 2011 shows that many buyers have been discerning enough to strike while the iron is hot and purchase properties that are well priced and in excellent locations.”

Article found in: Property Overseas Today

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