Brits returning to Spanish real estate

Spanish house prices are falling at their slowest rate ever in six years. The British continue to top the list of overseas buyers.

Spanish house prices fell by only 3% over the past year across the nation by the end of June this year. Previous house prices decreased by more than 10% the two preceding years according to a report release in today’s Telegraph.

Data supplied by the Spanish property consultancy ‘Tinsa’ reveal remarkable improvement. Prices in the Canary Islands have finally gone back into the ‘black’ for the first time since 2008 increasing slowly at 0.1% annually.

Spain’s ‘roller-coaster housing market’ is certainly improving after what is being described by commentators as a past ‘six-year slump’ where property fell to the lowest decline of sales at 60% in some areas, but averaging across Spain at a decrease of 40% – 50%.

With the data released by Tinsa, Global Property Guide website are referring to the current house market position as ‘now recovering.’

Global’s website points to data from Spain’s trade body for conveyancers showing Britons accounted for the highest proportion of sales to overseas buyers, equating to almost one property in five. The British are followed by the French, Russian and Belgian buyers.