Interesting headline in the Spanish press today, and even more interesting reading, especially for those thinking of buying a rental property in Spain.
According to the Bank of Spain, Spanish property sales have increased a staggering 37% over the past twelve months and now sit at pretty much the same level as in 2008.
Northern Europeans are driving these sales, with domestic buyers still falling, as for the first time in over three years, investment in Spanish real estate by northern Europeans has exceeded 1,000 million euros in the third quarter of 2011.
The indications are that the increase is being driven by second property owners rather than those planning to retire in the short term, with many looking to benefit from the increase in the self catering Spain market, especially in the Canary Islands who have seen an increase in tourism of around 15% in the first half of the year.
Tenerife, Gran Canaria and Lanzarote are all holding their own in the popularity stakes but it is Fuerteventura that has seen the biggest increase with passenger numbers up a staggering 32.9 per cent.