British and Irish buying up Spanish property

Published:  5 Nov at 6 PM
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Foreign buyer purchases in Spain are up by 11 per cent, with Brits and the Irish cornering 15 per cent of the total foreign market.

It’s old news that Spain is the most popular expat destination for British expats as well as for holidaymakers, but the threat of Brexit doesn’t seem to have dampened their enthusiasm for a sunny climate, inexpensive cost of living and a ready-made expat community. In total, some 17,388 foreigners bought their very own personal versions of the Spanish dream during this year’s second quarter – double the number of French would-be expats who bought properties during the same period.

Irish buyers re-entered the market with a vengeance, with interest accelerating by 47 per cent, possibly due to the Brexit-induced border problems in the Emerald Isle. French buyers accounted for eight per cent of the total, with Germans slightly behind at seven per cent. Swedish and Belgian property-hunters accounted for six per cent each, and Italians made up another five per cent. Russians are also heading to the Mediterranean sunshine as are the Chinese purchasers who made up four per cent of the total. I

n spite of the increases in foreign purchases of Spanish property, the recent flash floods across the country may well be a sign of things to come due to unchecked global warming. As a result of the deluges, the Spanish government has declared a disaster zone in the three major provinces of Malaga, Cadiz and Sevilla, all of which suffered devastation during the floods. It’s estimated the popular expat destination of Malaga underwent €32 million in damage, with some 5,200 insurance claims expected to be filed. Estepona, Ronda, Teba and Campillos were especially hard hit.
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