Scandinavian property buyers pile into Costas, trade data shows
Data from house builder Taylor Wimpey España suggests that there has been a 150% year-on-year increase in the number of Scandinavian buyers on the Costa del Sol, to July 2013.
A key driver has been Norwegian buyers, where Taylor Wimpey has registered a 225% y-o-y increase overall, but the interest from Swedes is also strong, up 267%.
Norway’s domestic housing market has been subject to a price boom for several years, which has caused significant trouble for the country’s monetary policy authorities. They have had to weigh the need for tighter control of rates to stop a property asset price bubble against the damage to non-oil and gas export sectors, which have been hit by the strength of NOK. However, that currency strength makes it more affordable than ever to buy property abroad.
Taylor Wimpey says that Scandinavian buyers have turned their attention from the Costa Blanca toward the Costa del Sol and Mallorca – following in the footsteps of UK and German buyers.
Data from property portal Kyero.com points to half of Scandinavian buyers looking for property priced between €50,000-€150,000.
Half were looking for apartments, 32% were looking for a two bedroom property, and 55% wanted a swimming pool.