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Scandinavians among the Biggest Buyers of Overseas Property
If you’re looking to sell overseas property fast, you should consider marketing to Scandinavian buyers, who are fast emerging as among the biggest investors in properties abroad. There has always been a tradition among cash rich Scandinavians to buy overseas properties, which has held true for over 50 years. So this is nothing new.
Norwegian and Swedish buyers are among the foremost investors in Spain, as Peter Rosen of Nordica explains, “We are experiencing a lot of Swedish and Norwegian interest in buying up Spanish property at the moment. Their economies are very strong and so are their currencies, so there is a sort of dual advantage in buying when prices are so low. Clients are picking up top quality villas, townhouses and apartments for far, far less than they would have a couple of years ago.”
Fastighetsbyrån, which is a part of Swedish banking group, Swedbank, said in a report that the Swedish interest in Spanish properties had increased by 138% over the past year, while the Norwegian interest had increased by 108%. It has helped that while the Euro has declined in value, the Norwegian Krone and Swedish Krona have become stronger than ever.
Marc Pritchard, who works for the leading Spanish house builder, Taylor Wimpey España says, “The interest from Scandinavian markets continues to boom as buyers take advantage of favourable exchange rates and reduced Spanish house prices to purchase their dream second home abroad. Scandinavians, particularly those from Sweden and Norway, now make up over a fifth of our buyers in Spain – a huge increase on previous years.”
It’s easy to see why Scandinavians are so eager to buy overseas properties. After all, why spend money on a small one-room apartment in cold and crowded Stockholm or Oslo when you can get a large house for half the price in the sunshine state of Florida in the USA or a villa in Costa del Sol in Spain?
Real estate prices in Scandinavian countries have shot through the roof and are no longer affordable for the average Norwegian or Swedish buyer. Property prices in Sweden have risen by 250% since 1996. Also, higher disposable incomes have made Scandinavians more confident about buying overseas properties.
Norway’s oil and gas reserves are believed to be worth in trillions of dollars and have made Norway one of the richest countries in the world. The Norwegian Sovereign Wealth Fund is the biggest investor in overseas properties around the world. The Norwegian overseas investment is pegged to be in several billions. And it’s not just the Norwegian Sovereign Wealth Fund, even ordinary Norwegians are investing in a big way in properties abroad.
While those from Sweden and Norway are the biggest investors in overseas properties, wealthy buyers from Denmark, Iceland and Finland are not far behind. In fact, there’s obvious prosperity across all Scandinavian countries and a real desire to invest at least a part of it on buying holiday homes abroad. If you’re looking to sell your overseas property quickly, this is something you can take advantage of.
Contact us today to sell overseas property fast to cash rich Scandinavian investors.