Spain has seen a dramatic increase in overseas property buyers, which has boosted the Spanish property market recovery. Kate Everett-Alan, Head of International Research at Knight Frank, commented: “Buyers previously looking in neighbouring European countries are seeing value in Spain and the Balearics more. Russian and French buyers are the most active but demand from Swiss buyers has strengthened since early 2012. The remainder of the market is comprised of a mix of northern Europeans (including British and Scandinavians), Chinese, Middle Eastern and US purchasers.” She continued: “Spain’s prime markets are on a firmer footing with some of its more affluent second home hotspots reporting price growth for the first time since the onset of the global financial crisis. The British still dominate the Spanish luxury homes market, but Scandinavian and Benelux buyers are increasing in number. German buyers favour areas such as the west coast of Mallorca and the Marbella stretch of coastline.” Marbella attracts many investors looking for high-end properties and the Marbella region saw the biggest increase in price searches with potential buyers upping their budget from €5 million to €6 million. Marbella is seeing particular interest from Russian buyers, quickly followed by buyers from Belgium and Sweden. Knight Frank has predicted the Spanish property market will see further recovery over the next two to three years. The country’s property market has been recovering in recent months, particularly aided by the government’s ‘Golden Visa’ scheme that offers residency to those purchasing properties of more than €500,000. With areas such as Ibiza, Mallorca and Marbella being of particular interest to those looking for overseas properties and especially high-end properties, the country can expect to see strong growth in the market in 2014.