The Spanish property market is set for a record year in foreign investment according to predictions from international real estate consultants Jones Lang Lasalle (JLL).
In a recent report JLL forecast that the ongoing trend of growth witnessed over the last seven years will continue throughout 2017 and have predicted a new record in terms of the number of homes sold to foreign purchasers.
According to JLL research foreign buyers have already invested a total of 888 million Euros into Spanish property in the first six months of this year, obliterating the record of 330 million set during the same period in 2016.
As to be expected, the major cities of Madrid and Barcelona, along with coastal capitals such as Valencia and Málaga – home of the Costa del Sol – are seeing the greatest interest from overseas buyers as foreign demand helps to drive the continued consolidation of the residential property market recovery.
Despite the negative impact of Brexit and the decline in demand from British buyers, increased demand from purchasers from other countries is “leading to greater diversification of nationalities, which, coupled with prices that are still extremely attractive to foreign buyers, brings greater security in terms of the evolution of demand,” according to head of land and residential at JLL, Maurice Kelly.