Property transactions by non-resident foreigners rose 43 percent in Q2 compared to the same period last year according to the General Council of Notaries. Non residents bought 8030 homes in Q2 of last year. The biggest increases came from Belgians, up 78pc, French (+70pc), Germans (+35pc) and the British (25pc).
As reported previously demand from British buyers is down from in 2007 boom time high where Brits accounted for 39pc of the total market. The share is now just 15pc but it’s still the biggest group, followed by the French (11c), Russians (9pc), Germans (8pc) and Belgians (8pc).
Per capita of population (Belgium has a population of just 11 million), Belgians have a disproportionate influence on the overseas property market in Spain. It’s not immediately obvious why this might be.
Certainly all the media attention has focused on Russian and Chinese buyers and no doubt these nationalities will increase their share of the total as the Spanish golden visa rules impact the market. However, the numbers suggest that a lucrative source of international sales is available a little closer to home.