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Overseas buyers return to Spain
Spanish property investment from overseas buyers increased by 2.9% last year, the first time that any growth has been seen in the market since 2003. The report was issued by the bank of Spain and revealed that the biggest increase came in the fourth quarter of 2010, which leaves the market optimistic for 2011.
The report echoes a similar report published by Spain's Ministry of Housing, which recorded a 5.89% growth in property sales overall. Assuming both reports are accurate, then the number of overseas investors is not only growing, but also the value that is being spent.
Good news for the Spanish property market at last ? The cliched 'real estate boom' hit Spain harder than most other countries, and when the crash eventually came in 2008, it came to light that Spain was simply building more properties than were required. In fact more properties were built in Spain between 1998 - 2003 than in Germany, Italy and France put together.
Sales had begun to slow down by 2005 and by 2008 sales had dropped, leaving builders committed to thousands of proprties, will thousands further still that they had little hope of selling.
The good news for buyers is that the over-supply of properties has finally been shown to have take effect on values. Properties have started to be priced at realistic values and sales have started to pick up. Good news for the property market and good news for the economy.
There was never any doubt that the Brits would return to the market - it was just a question of when.
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