International money transfers to Spain on the rise?

International money transfers to Spain could be becoming more popular as home sales in the country have increased for the first time since 2007.

According to figures from the National Statistics Institute (NSI), the number of transactions that took place rose by 6.8 per cent in 2010.

International money transfers to Spain could help overseas buyers to keep the cost of purchasing property abroad down by allowing them to access very competitive rates of currency exchange.

Despite the increase in trade in 2010, figures were still lower than the peak seen in the market in 2007.

Last year there were 441,386 property sales, compared with 775,300 in 2007.

Excess supply, caused by the overdevelopment of tourist areas, contributed to the decrease in sales over the past few years.

While this latest data from NSI does suggest that demand is improving again, unemployment and concerns about the state of the country's economy are still causing many buyers to hold off property purchases, according to Fitch Ratings.

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Posted by Sarah Pitton