Price reductions drawing investors to Spain

Reductions in asking prices of up to 30 per cent in popular regions of Spain mean that demand for property in the country is likely to dramatically increase.

This is according to Taylor Wimpey Espana, which noted that the real estate market in Spain is gradually starting to recover, especially in southern regions.

Already a popular tourist destination, the Costa del Sol has experienced a sharp upturn in the number of investors looking to take advantage of its favourable climate and ready-built infrastructure.

The firm said that it has seen the number of enquiries made by foreign buyers on the Costa del Sol so far this year rise 43 per cent.

According to a report published by the Ministry of Development, 6,457 transactions were made in the province of Malaga at the end of 2010, of which 905 transactions were made from buyers outside of Spain.

Meanwhile, the housebuilder recently claimed that Spain remains a popular retirement destination for Brits, with nearly a fifth of all their buyers choosing the European nation as the place to live out their retirement.

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