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Brits still involved heavily in Spanish property sales

BRITISH property buyers in Spain have defied pre-Brexit referendum records, despite the doom and gloom, reveal the latest figures.

The buyers, ignoring the UK’s imminent EU departure, have chalked up a 12% increase in the 2018 sale of homes, rising to 10,178, which tops the 2016 record of 10,156.

While UK buyers declined significantly in the two quarters after the June 2016 referendum, and by 28% in the last quarter of that year, they started a recovery, increasing by double-digits last year.

It means the UK’s share of the foreign market has been steadily increasing, from a low of 14% in the first quarter of 2017 to 17% at the end of 2018.

And though this is not yet back to the levels prior to the referendum, because of other nationalities flooding the market, it is expected to rise again this year.

Property expert Mark Stucklin, of Spanish Property Insight, said the weakness of the Pound against the Euro was the leading cause of a drop in demand.

“Once the Pound stabilised at a lower level, British demand also stabilised and then began to grow again,” he said. He added that buyers at the bottom end of the market simply lowered their budgets, rather than abandoning their intention to buy altogether.

“And at the high end of the market, I believe there has been little change in budgets,” he said. “People with money tend to be well diversified.”

Other agents said the trend was likely to continue after Spain vowed this month to protect the rights of Brits living in the country.

Conor Wilde, head of agency Found Valencia, said: “Over the past four months, we have been showing more property to British buyers, consistently.

“These buyers will revisit Spain once Brexit has settled. And since the news last week that the Spanish Government will safeguard the rights of British people living in Spain, we have seen a dramatic increase in enquiries from the UK.”

But he warned. “We will not see a large-scale sales change until this Brexit fiasco is over.”

 

Short URL: http://www.canarianweekly.com/?p=46796

Posted by on Mar 22 2019. Filed under Local News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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