Foreign property purchases in Spain grew over 17% in the third quarter (Q3) of 2017, according to new data published by the Ministry of Development.
Between July and September a total of 121,561 properties were sold in Spain, representing an increase of 16.7% compared with the same quarter last year. A total of 21,173 properties were sold to non-Spanish buyers, accounting for 17.4% of all property transactions, reports Murcia Today.
The most popular area for foreigners to buy property was in the Costa Blanca province of Alicante, with a total of 4,619 property purchases, accounting for nearly 20% of all foreign purchases. In Malaga, foreign buyers made up 10.1% of total foreign purchases.
In the Balearic Islands 35% of all property transactions in Q3 were made by foreigners. Similarly, the Canary Islands (33%) and Girona (33%) are also relying heavily on foreign property purchases to drive the property recovery.