Costa blanca key to attracting foreign property buyers

The Costa Blanca's role in the recovery of Spain's coastal property market has been confirmed by statistics showing how the Valencian Community attracts the second highest share of foreign property-buyers of all Spanish regions, said estate agency HomeEspaña in May.

Between 2009 and 2013 inclusive, the percentage of annual property transactions attributed to foreigners rose from 4.45 per cent to 11.15 per cent respectively, according to figures released this month by Spain's Land Registry Association. The Valencian Community, home to the Costa Blanca, accounted for 24.8 per cent of foreign purchases, second only to the Balearic Islands. Meanwhile, Spain's Council of Notaries revealed a 39.8 per cent year-on-year increase in property transactions for February.

“The sustained weakness of the euro this year is helping to attract more British and Scandinavian buyers,” said Kieran Byrne, managing director of HomeEspaña. “We don't expect a rapid turnaround in market conditions in Spain, but at least in the Costa Blanca we have seen increased buyer interest in the first quarter of 2014. More second homebuyers from abroad are discovering how far their money goes here.”