More British buyers expected in Spain 2020
British people are buying more and more property in Spain, that’s official.
The recent report from the 2019 notarial returns in Spain show that British people, as they usually do, are heading the nationality league table of foreign buyers.
This surge is in spite of an exchange rate, euro to sterling, sitting about 20% lower than since the Brexit vote. British buyers in 2019 purchased 38% more than the French and more than that of the third placed Germans too.
In Spanish property market share, the British made up 13.03% of the overseas market.
There were about half a million deals done in 2019.
Notaries release their official figures in May for the previous year, so we are waiting on the concrete facts. We do know for sure that compared with 2007, the expat market is already 80% bigger in terms of euro spent. In respect of numbers of deals closed, 2018 we saw 103,727 foreign buyers compared to 57,674 in 2007.
In 2008 Spain had only 34,712 buyers over the whole year. Compare that with just the first 6 months of 2019 and we see nearly 50% more with 51,720.
Foreign market share is now much bigger than previously was the case, to be precise, ten years ago it represented 7.88% of the total property market in Spain. By the end of 2018 it was over 18% and we are around 20% for the first half of 2019.
Spain cannot afford to restrict British buyers from continuing to buy property in the Sun. Overseas buyers are a very important part of Spain’s economy and specifically Spain’s property market, therefore any decline is worrying.
What’s bringing British buyers to Spain?
A recent survey suggests that British people are buying more property in Spain in order to:
- Adventure and a new start (especially for those over 55)
- Avoid the negative consequences of brexit.
- Play golf
- Take advantage of the Spanish weather. (the number 1 reason for British people to buy property in Spain is the weather)
- Benefit from the lower cost of living.
- Open a business in Spain.
- Relocate the family here.
Many others say they have been waiting since the results of the brexit referendum. People are tired waiting, or so it seems!!
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