Overseas Spending on Spanish Property up 27%

Figures from the Bank of Spain and Taylor Wimpey Espana provide proof, if any was needed, that international property markets behave differently to their domestic counterparts.
According to the Bank of Spain, foreigners invested 4.748 million euros in Spanish property in 2011, up 27% on 2010.
It was the second consecutive annual rise and the highest yearly rise since the boom. According to the banks figures foreign investment was above 2006 levels which stood at 4.716 million euros.
The announcement corresponds with figures published by Taylor Wimpey Espana which show their sales figures are up 21% in Q1 compared to the same period last year.
The Bank of Spain’s numbers do not show the break down of private and institutional property purchases. It is likely that the 2011 figures reflect higher volume purchases by funds and institutional investors. Private overseas property purchase in Spain is unlikely to match 2006 levels.
However, anecdotal evidence from Taylor Wimpey Espana and ourselves at Ultimate Homes suggests there are areas with international appeal (Altea/Moraira/Benidorm and surrounding area) that are bucking the downward national trends.