Spanish go for cheaper properties

Spain’s property market is still in crisis six years after the property bubble burst.

Foreign buyers are the only bright feature in a barren landscape blighted by a dearth of loans and reduced spending by Spanish families.

According to Ministry of Public Works’ figures for the last quarter of 2013, properties acquired by foreign buyers are 12% more expensive than those bought by the Spanish.

The average home acquired by a foreign buyer changes hands at around €153,000 compared with €135,000 spent by national purchasers.

The prices paid by both sectors have fallen but while properties bought by foreigners were 2.5% cheaper than during the last quarter of 2012, those bought by Spaniards were 6% lower.