Fewer Brits investing in Spanish property

Latest figures from the Spanish Association of Land Registrars show that fewer Brits are investing in Spanish property post Brexit.

The data reveals that the number of British property purchases registered with the Land Registry fell by 16 per cent year-on-year in the third quarter.

Separate research carried out by Spanish property expert Mark Stucklin of Spanish Property Insight, also suggests there has been a big drop in British buyers. Yet Stucklin believes that British interest will return to the country once the uncertainty surrounding Brexit settles.

“Despite variations between regions and price segments, the overall picture was one of a big decline in British buyer interest in the months leading up to, and just after the referendum,” he explained. “However, there are also some signs that British buyer interest might now have stabilised at a lower level, helped by a bit of a recovery in the pound, though it is still too early to tell.

“I have also noticed that some Spanish property companies have decided to drastically scale back or even stop marketing in the UK, which is just another reflection of the Brexit impact,” he added.

However, in spite of the decline of British purchaser, Spanish property prices are still rising. The latest official Spanish notaries’ data shows that average property prices were up by 1.5 per cent year on year. However, the number of transactions completed in this period was down slightly on the same time a year earlier.

The average sale price, per square metre, of a Spanish property is currently 1,275 euros, the notaries’ data shows.

Article published 21st December 2016