Figures relating to Spanish residential property transactions during the past four years, and recently released by Fastighetsbyrån – part of Swedish banking group Swedbank – indicate that while the numbers of UK and German buyers have shrunk by 65% and 3% respectively, conversely Norwegian buyers are up by a massive 108% and Swedes by a jaw-dropping 138%.
The data also suggests that despite the fact that 10% more buyers from the UK, Germany, Sweden and Norway purchased Spanish property in 2011 than in 2010, the total market is down by around 33% compared with its peak in 2007.
Still, it’s not hard to see why Scandinavians are increasingly drawn to owning real estate in Spain, and of course the Costa del Sol’s annual average of 320 sunshine days is only part of the reason. Norway’s Krone and Sweden’s Krona have both risen against the Euro in the last 5 years and their economies are healthier than most in Europe. Not only that, but Spanish property prices have dropped by between 30% and 40% in the past half-decade, in fact at VIVA we often see certain types of properties selling for as much as 50% below peak.
So who wouldn’t be tempted?