Brits still heading for Spain as property prices remain stable

Published:  10 Mar at 6 PM
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As Spain’s property market continues its run of stability, demand by British would-be expats is showing increased growth.

Foreign buyers now account for more than one in every ten properties sold, with expats and non-residents forming the majority of purchasers. Foreign demand rose by 11 per cent during 2015, whilst local demand grew by just 7 per cent. British buyers dominated the market percentage-wise, purchasing just under 10,000 of the 46,000 properties sold during the year. French buyers accounted for 9 per cent of the total, followed by the Germans at 7 per cent.

According to major property agents in the country, the surge in British demand for homes in the last six months of 2015 was extraordinary compared to the drop in interest from Russian buyers suffering from falling exchange rates. The strong pound, they say, has resulted in an 81 per cent increase in British house-hunters over the last 12 months, with buyers from the UK now the dominant foreign demand force in the sector.

Spanish property prices remain at a level of around 50 per cent less than their peak before the 2008 financial crash, giving great value when compared with similar homes in popular UK coastal locations. However, real estate agents dealing with foreign buyer are voicing concerns about the effects of uncertainty caused by the upcoming Brexit vote in June. As a result, most are expecting a fall in enquiries during the run up to the referendum, and are cautious about ongoing predictions in case the vote goes against the UK’s staying in the EU.

Across most of Spain, property prices remain stable, with the exception of small gains in the Balearics and Canary Islands. More remote areas are still seeing slight falls, and the stunning Basque country remains the most expensive for resale properties. Serious bargain-hunters should consider Extremadura, Murcia and Castilla-la-Mancha, the regions with the lowest prices in the country.
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