According to data released by real estate investment analysts, foreign investment in Spanish property has doubled in just one year.
The data reveals that foreign nationals have spent a record-breaking €888 million on Spanish properties since the beginning of 2017, more than double the amount spent during the same period last year.
Foreign investment in Spanish property in 2016 reached the highest level in over a decade, marking a turning point for the market after a sustained period of stability and growth.
Lead by British, German, Russian and French buyers, 13.2 per cent of all homes sold in Spain last year were bought by foreign nationals, alongside a steady increase in national investors.
The new JLL market signals a new record high in foreign demand, easily exceeding last year’s amount and representing the eighth consecutive year of growth in foreign demand for Spanish property.
The report found that UK buyers to be the leading nationality in foreign led transactions in 2016, who bought 19 per cent of the 53,000 homes sold to foreigners last year and continue to show a strong influence in the market despite the onset of Brexit.
French buyers came in second place with 8 per cent of transactions, Germans with 7.6 per cent and the Swedish with 6.7 per cent.