The number of property sales in Spain is slowing with some experts believing the UK’s impending exit from the EU is starting to impact on Brits buying property there.
The latest figures from the Spanish Land Registrar show that some 42,850 homes were sold in the first month of this year, just above the 42,745 sold in January 2018. It is the first time growth has been in the low single digits for three consecutive months since the country’s property market turned the corner around the end of 2014.
In fact, growth has been consistently lower since May last year.
Some of the country’s most popular overseas property locations even saw sales drop year-on-year. The Canary Islands, the Balearics, Costa del Sol and Costa Blanca all saw a year-on-year drop in sales, although many small markets did see strong growth
According to Tancrede de Pola of the Olive Press, much of the slower sales growth in Spain can be attributed to Brexit.
“Uncertainty surrounding the UK’s divorce is no doubt having an impact on British buyers, the biggest foreign market for Spanish property by far,” he wrote. “Once some certainty is brought back – and hopefully a soft a Brexit as possible – the pound will likely bounce back strong and buyers will feel more comfortable taking the plunge.”
Meanwhile, separate recently released data reveals that property prices are continuing to rise in the country. The latest figures from Spain notaries shows that property prices in Spain rose 3.2 per cent in the 12 months to February 2019.
Article published 15th April 2019