Spanish Property: International Purchasers Prefer Coast
As Spanish property continues to be in high demand, it looks as though cities like Mallorca, Malaga, and Alicante are on the top of this wish list.
Spain's coastal retreat cities are most sought by Spanish and foreign buyers in the Spanish housing market. Many of these buyers are seeking bargain properties, mainly apartments, in these vibrant cities. Over half of these apartment buyers wanted a swimming pool at their property and one-third of them wanted at least three bedrooms.
But, let's not count out those luxury buyers and properties just yet. The Balearics topped the list of foreign luxury locations, with the highest number of one million Euro plus properties sold in 2012.
With 729 foreign purchasers in 2012, averaging purchase prices of €1,080,361, foreign luxury remains a substantial market in Spain. Topping this list of foreign buyers are Britain, Russia, Switzerland, and Scandinavia.
Alicante still receives the largest number of searches for properties, from both foreign and national buyers, as demand increases in the Spanish coast town. Most seek properties costing €50,000 to €150,000, while transactions continue to rise in the regions.
Are you looking for Spanish property in one of these areas? If so, let us know. How do you feel about this influx and demand in the coastal Spanish towns of Alicante, Mallorca, and Malaga?
Let us know your thoughts and questions in the comment section below.
Photo Courtesy of Sascha Uding’s Flickr