Buyers Gravitate to Bargain Spanish Property
July 2nd, 2009 at 7:00am GMT
According to the latest analysis from Kyero.com, foreign buyers are increasingly looking for bargain properties and are focusing their property searches in Spain’s best-known provinces.
Published on July 1st 2009, the latest Kyero.com enquiry report analyses over 100,000 enquiries made by email through the site during the first half of 2009.
Estate agents advertising on Kyero.com can access the full 30-page report providing a province-by-province breakdown of Spanish properties of most interest to foreign buyers.
With the benefit of the information contained in 9 previous issues, they can also access in-depth buyer trends dating back to 2004.
A four page overview of the latest report comparing 2008 and 2009 is available as a free download.
Alicante Most Popular
Alicante province has steadily increased in popularity over the years – now attracting almost 30% of attention from foreign buyers visiting Kyero.com.
Malaga province has remained stable with a little under 15% of visitor attention, while Granada seems to be losing to both Malaga and Alicante.
In all likelihood, this trend of popularity is a reflection of buyers finding property bargains in the provinces where there are the most properties available. Those kinds of markets – Alicante and Malaga in particular – are likely to offer buyers the biggest discounts, and better bargains.
| Top-5 share of enquiries by Spanish province | ||||||
|---|---|---|---|---|---|---|
| Rank | 2009 | 2008 | 2007 | |||
| 1. | Alicante | 28.7% | Alicante | 24.3% | Alicante | 17.4% |
| 2. | Malaga | 14.4% | Malaga | 13.2% | Granada | 16.4% |
| 3. | Granada | 8.8% | Granada | 11.5% | Malaga | 14.4% |
| 4. | Almeria | 5.7% | Tarragona | 7.6% | Almeria | 9.0% |
| 5. | Tarragona | 5.75% | Valencia | 6.1% | Valencia | 8.5% |
Price Sensitivity
This bargain-hunting mindset is dramatically demonstrated with properties priced under €150K attracting 65% of visitor attention – up from 58% in 2008.
At the top end, properties priced over €350K have remained relatively stable at 10% of the market, with interest in properties in the €150K to €350K slipping.
| Share of enquiries by property price range | ||||||
|---|---|---|---|---|---|---|
| Price range (€000’s) | 2009 | 2008 | 2007 | |||
| Under 50K | 21% | 18% | 21% | |||
| 50-150K | 45% | 40% | 42% | |||
| 150-250K | 21% | 23% | 21% | |||
| 250-350K | 9% | 10% | 8% | |||
| 350-500K | 5% | 5% | 5% | |||
| Over 500K | 5% | 5% | 3% | |||
More Representative
The latest Kyero.com enquiry report is more representative than ever of foreign buyer activity in the Spanish property market. Kyero.com continues to gain market share and attract more visitors than ever – even in the current ‘quieter’ Spanish property market.
Comparing the first half of 2009 to 2008, Kyero.com has boosted visitor numbers by 65%, and those making enquiries by 32%.
The number of properties viewed have increased by 23% to produce an overall increase in leads and responses of 38%.
Martin Dell, MD of Kyero.com commented: “Most commentators believe that the overall market for foreign buyers of Spanish property is shrinking. Even so, Kyero.com is delivering significantly more leads than ever to advertising estate agents.
About the Kyero.com Enquiry Report
The Kyero.com enquiry report is published bi-annually to analyse the trends in buyer behaviour and interest regarding Spanish property for sale. It excludes enquiries made about leasehold, fractional-ownership and rental properties.
Estate agents advertising properties on Kyero.com use the site to accurately quantify buyer sentiment. With access to this detailed information, they are able to adjust their marketing campaigns to appeal to the widest possible range of buyers.
