Foreign investment in Spanish real estate surged 27.8% to September, over the same period in 2010. In total, these transactions amounted to 3,601 million euros, which is a significant rise compared to the slight increase of 2.6% in 2010, according to the Bank of Spain.
In addition, El Mundo reported that these investments exceeded 1,000 million euros for three consecutive quarters, a statistic which has not occurred since 2008, before the real estate bubble burst. In the third quarter, the increase in property purchases was 19.2% over the same period of 2010, amounting to 1,164 million euros.
Foreign investment in Spanish property has fallen progressively since 2003, when it reached 7,072 million euros, to 6,650 million euros in 2004, 5,495 million in 2005 and, finally, to 4,716 million in 2006.
However, this downward trend was corrected in 2007, with foreign investors spending 5,341 million euros on housing, representing a 13.3% increase over 2006.
Added to this was 5,331 million euros in direct foreign investment in Spain until the end of 2008, which is an increase of 1% over the same period in 2007. In 2009 these investments fell by 31.5% to 3,651 million euros due to the construction crisis, while in 2010 they grew again by 2.6% to 3,747 million euros.
As for Spanish investments in real estate abroad, these fell by 38% to September compared to the same period in 2010, and by a further 17.4% at the end of 2010. Furthermore, in the third quarter alone these investments stood at 155 million euros, which represented a decrease of 17.5% over the same months of 2010.
Foreign investments in public administrations and other resident sectors, excluding the Bank of Spain, grew gradually over the four years from 2003, from 388 million euros in that year to 781 million in 2004, 1,510 million in 2005, 2,269 million in 2006 and 3,365 million in 2007.
However, the upward trend was curtailed in 2008, during the economic crisis, with these investments falling to 1,789 million euros, which was a drop of 46.8% from a year earlier, and a trend that continued in 2009, with a decrease of 44.9%, and property purchases abroad in 2010 again falling by 17.4% to 814 million euros.
Source Kyero
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