Brits Still Remain Top Buyers in Spain because of (or despite of) Brexit

Brexit and Spain

Current sales data has revealed that Spain’s property market has returned to pre-crisis levels and that British buyers are the leading group of foreigners investing in Spanish properties.

It is reported the General Council of Notaries this week that the first half of 2018, a total of 53,359 house purchases were made by made by non-Spanish nationals.

This figure is 20,000 more than at the height of the property boom in 2007 and prior to the bank crash which sent most European countries into an economic crisis that lasted for six years in Spain.

Fuelling the rise in property prices is interest from foreign buyers with 18.7 percent of Spanish property sales or almost two in every ten property sales coming from abroad.

British buyers are still number one and make up the largest group of foreign nationals buying property in Spain with 7,613 purchases between January and June, an 8.8 percent rise on the same period a year earlier. They now represent 14 percent of foreign investors.

Since the June 2016 referendum which saw the UK vote to leave the European Union, purchases by the British have gone up 13 percent.

Buyers are attracted by the coast and the climate of the Canary Islands with house sales increasing year on year in all of Spain’s coastal areas and islands.

Foreigners made up 39.4 percent of buyers in the Canary Islands, 35.6 percent in Valencia, 34 percent in the Balearic Islands, 27.4 percent in Murcia, 17 percent in Catalonia and 11.6 percent in Madrid.

The latest figures from real estate valuation agency TINSA show a 5.3 percent increase in property prices in the year to October 2018.

The real estate valuation agency TINSA reports an average 5.3% increase in property prices in the year to October 2018. This figure is higher in the ‘hot spots’ of the Canary Island including the ever-popular island of Tenerife.