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UK Buyers Still Hot for Spanish Property

UK buyers are still the largest group of foreign buyers for Spanish property despite the anxiety caused by the Brexit referendum.

Figures published last month have shown that demand for Spanish property from UK buyers actually increased during 2018, and the latest data released last week by Spanish notaries have backed this up.

The figures show that the second half of 2018 saw 50,249 property sales finalised to non-Spanish buyers, representing the highest sales total for the second half of a year since comparable data was first produced at the end of the property boom in 2007.

Once again, the largest share of property sales to overseas property investors was to UK buyers, accounting for 7,687 purchases during the second half of the year. This represents a 6.1 per cent increase on the previous year and is the highest since the second half of 2015.

Following the Brexit vote in 2016 there was a decrease in demand for Spanish property from UK buyers, but this appears to have been short-lived as by the second half of 2017 confidence had returned and there have now been three consecutive year-on-year increases in property sales to UK buyers.

UK buyers ruled the roost across the southern and eastern coasts of Spain when it came to property buying during the second half 2018, accounting for 23 per cent of all foreign sales in the Valencia region on the eastern coast, and responsible for 32 per cent of all purchases by overseas property investors on the south coast in the Andalusia region.

However, the strongest showing for UK buyers came in the smaller Murcia region nestled between the two larger coastal regions.

In Murcia, often referred to as the Costa Calida and long popular with British property investors, British buyers were responsible for a huge 59 per cent of all property sales to non-Spanish residents. This represents 8.5 properties per day purchased by UK buyers in the small region of Murcia alone between July and December last year.

It seems that the British love affair with Spanish property is far from over, Brexit or no Brexit.

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