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Expats buying more properties

Property sales in the Málaga province to foreigners has increased with 15 percent so far this year and reached the highest level in 10 years.

Illustration: Istockphoto

Illustration: Istockphoto

Of the 14,364 homes that changed hands during the first six months this year 5,570 were bought by foreigners. The housing market has reached its highest level since 2008, and seen on a half-yearly basis, it was even better than the property boom in 2007. Foreign buyers account for 39% of the market in the region, compared with 20% for Spain as a whole.

Despite Brexit, or perhaps because of Brexit, the share of British buyers has increased significantly. The British are the ones who buy the most, followed by Scandinavians, French, Belgians and Germans. Most people who are buying a property in Spain are already living in Spain, while only four percent are not resident in Spain. The regions that attracts most foreign buyers are Andalusia, Valencia and Madrid. The average price per square meter was € 1,618, an increase of 2.3%.

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