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British Still Buying Property in Spain

Despite Brexit it seems that British overseas property investors are still buying property in their favourite destination of Spain.

The latest residential property market summary has shown that in 2016 British buyers were the largest group of overseas buyers in the Spanish property market.

Overall, 13.5 per cent of all real estate purchases in Spain were made by non-Spanish nationals. This was slightly fewer than in 2015, but still amounted to around 53,000 property transactions.

Despite a slight falling off during the last quarter of the year, British buyers accounted for 2.5 per cent of all sales in the Spanish property market during 2016, though this dropped to 2.2 per cent during the last 3 months.

Buyers from the UK were responsible for 19 per cent of all property purchases by foreign nationals throughout the year, again dropping slightly to 16.4 per cent during the last quarter of 2016.

Other nationalities fell way behind the Brits when it came to property purchases in Spain. German nationals were next at just 9.2 per cent of all sales to overseas property buyers, equivalent to 1.24 per cent of overall sales.

French nationals were not far behind at 8.5 per cent of all sales to foreigners, followed by Swedish nationals at 6.4 per cent. Belgians and Italians were next at 6.3 per cent and 5.7 per cent respectively.

It seems that despite the upheaval and uncertainty caused by the EU referendum, the British love affair with Spanish property continues with buyers unable to resist the opportunity to either invest in the recovery, or move out to their dream place in the sun.

With all indicators pointing to the Spanish property market recovery continuing to strengthen, property construction picking up to meet buyer demand after supply had been restricted, and reports showing that property values rose more than first thought during 2016, foreign interest in Spanish property is expected to be even stronger in 2017.

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