Investors in GCC eye Spain realty market

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Madrid, Spain

Dubai - Spain is now being viewed as the next hotspot real estate market after top investment destinations like London, Paris and New York.

By Staff Report

Published: Fri 16 Oct 2015, 8:29 PM

Chestertons, the international property agency established in 1805, stated that it is witnessing growing interest from the UAE and other GCC investors for the Spanish real estate market. Housing sales grew by eight per cent in the first half of the year in Spain. In the first half of 2015, a total of 188,432 housing sales transactions were recorded as per General Council of Notaries, indicating a 7.9 per cent increase on the first half figures for the previous year.
"Spain is now being viewed as the next hotspot real estate market after top investment destinations like London, Paris and New York. Spain was once considered as a troubled economy as investors hesitated for its high unemployment, troubled banking sector and free falling real estate which has now completely changed marking a makeover and a comeback in full swing. Spain's mixed economy is the 16th largest worldwide and the sixth largest in the European Union, as well as the Eurozone's fourth largest. Spain is recorded to have its strongest quarterly growth in eight years and predicts 3.3 per cent growth for the year as a whole," said Brennon Nicholas, head of international sales, Chestertons Mena.
A steady progress in sales was noted with 37,600 transactions in June signifying a year-on-year growth of 19.4 per cent. The figures are indicative of the fact that in the first quarter of 2015, 17 per cent of purchases were made by international investors outside Spain.
- business@khaleejtimes.com