New figures show that British investors are still the largest group of foreign purchasers of Spanish property.
According to Association of Spanish Land Registrars data, foreign buyers purchased 17,338 properties in Spain in the second quarter of 2018, with 2,590 of these purchases made by British buyers. The next biggest group of overseas buyers were the French, who bought 1,315 Spanish homes.
This demonstrates that British investors are not being putting off by the idea of owning a home in Spain in spite of the impending threat of Brexit.
“Foreign buyers play an important role in the Spanish property market,” said Marc Pritchard, sales and marketing director of house builder Taylor Wimpey España.
“Right now, we’re seeing both local demand and foreign buyer demand increase, which is excellent news for the health of the overall market. In terms of foreign buyers, new build homes in sunny, well-established coastal areas are some of the most sought-after properties.”
According to a report by Taylor Wimpey España, holiday resorts of the Costa del Sol and Costa Blanca are particularly popular among overseas buyers.
Property prices in Spain have been rising steadily now for the past couple of years, after the market collapsed in the late noughties. They are currently rising faster than property prices in the UK.
Figures from TINSA show there was a 5.3 per cent rise in property prices in the 12 months to October 2018, with both major city locations and the Mediterranean coastline faring well, experiencing growth of 8.5 per cent and 6 per cent respectively.
Article published 16th November 2018