Recently released reports From The Spanish Land Registry prove that, despite the rumour machines saying otherwise, British Buyers are still spending their Pounds on Spanish Property. The last three months of 2017, long after the Brexit vote, UK buyers were certainly not leaving Spain.
The overall increase in property sales also fuels an increase in prices and albeit slower than pre-financial crisis days, it is most definitely on the up. 15,266 registered purchases were reported in the last quarter of 2017. The highest figure in a fourth quarter for over 7 years, and it does not take a maths degree to calculate that this is a 20.4% increase compared to the same quarter in 2016. Foreign buyers in this figure were represented most by British buyers. 2,384 of the total.
More than double the amount of the closest non-Spanish buyers. ( French @ 1242 purchases). Many believe that the increase of British buyers is down to a number of factors.
- Consistent growth in the Spanish market appears to be a safer bet that the uncertainty being caused by Brexit in the UK.
- Higher Returns on rental investment properties than currently showing in the UK.
- The appeal of relocating to Spain.
16% of The Spanish Property Market is attributed to UK purchasers. While Brexit had curbed spending, the figures prove now that the Great British Public have decided to start spending again, and are spending in Spain.
Boosted by the Spanish Government stepping up and assuring British Expats who already own properties in Spain, or live here, will face No Disruption after Brexit, certainly from the Spanish side. Alfonso Dastis. The Spanish Foreign Minister added that this included health care and pension benefits. Those who purchase after the 2019 birth of ‘Official Brexit’ may or may not be guaranteed that luxury.
Data gathered by A Place In The Sun proves the desire amongst Brits to own a property in Spain has not slackened off. The love affair of the British tourist (and second homeowner ) with Spain is more than just a fling!
2017 saw 55% increases in Spanish property searches and a 36% increase in seeking the latest overseas properties for sale and buying advice. While Brexit is still an unknown quantity, British buyers are voting with their wallet and property shopping in Spain is as busy as Oxford Street.
For Friendly and Free advice on all aspects of property on the Costa Del Sol pop into the Manchester ‘A PLACE IN THE SUN EXPO’ next weekend and visit LCPSpain on Stand C7
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