Foreign investment in Spanish real estate rose in 2013 for the fourth consecutive year to 6.45 billion euros ($8.95 billion), the highest level registered in the past nine years and 16 percent more than in 2012.
Britons, the French, Russians and Belgians are those who are buying the most real estate in Spain.
The figures for 2013, according to the Bank of Spain, are quite a bit above the levels just prior to the economic crisis, which began in 2008.
In the face of the Spaniards’ loss of buying power and the difficulties of getting access to credit, the appetite of foreigners for assets in Spain has been rising over the past four years, especially taking into account the adjustment in prices in the Spanish real estate sector and the opportunity this represents compared with other European countries.
In 2013, the price of housing in Spain fell by 7.8 percent, on average, a drop that, nevertheless, was less than that registered in 2011 and 2012, when prices fell 11.2 percent and 12.8 percent, respectively, the National Statistics Institute, or INE, said.
Despite the fact that foreign investing in real estate in 2013 rose to its greatest level since the beginning of the economic crisis, it is still 8.7 percent less than the maximum level registered 10 years ago, when it exceeded 7 billion euros ($9.72 billion, at today’s exchange rate).
Foreigners purchased 11.15 percent of the real estate sold in Spain in 2013, with Britons buying 15.1 percent of that amount, followed by the French with 9.84 percent, Russians with 8.58 percent and Belgians with 7.26 percent, Spanish property registration authorities said.