In the first quarter of this year, the country accounted for more than half (58 per cent) of the mortgage enquiries we received. And data from the Bank of Spain shows that foreign purchases in 2013 exceeded €6bn (£5bn) for the first time since 2004.
According to Knight Frank's Global Property Search, online searches for properties in Spain increased by 29 per cent over the first three months of 2014 compared with the same period in 2013. And more than a fifth of all Spanish residential sales were to foreign buyers.
Prices in some of the most desirable areas of Spain have fallen by up to 50 per cent since 2007, but after a very difficult few years, prices are starting to creep back up in some areas, and people who have been watching the market are going for it before they miss out on the best deals.
Contrary to popular belief, Spanish lenders are still willing to provide finance to foreign nationals, particularly if they can prove that they have a sound financial profile. Buyers can generally borrow up to 65 per cent of the value of the property, and rates currently start from just 3.33 per cent.
If people enjoy what Spain has to offer, property can be snapped up there on better terms than have been seen for years. But as always, it’s vitally important for buyers to seek the right advice and to go through the same process that they would follow if they were buying a property in the UK.
Bitter experience has taught many Spanish property buyers that scrimping on independent legal advice can effectively cost them their holiday home.
