06
Apr

British buyers are leading the way in Spain’s foreign property market

One in five properties sold to foreigners in Spain is purchased by a Brit, new figures have revealed.

Foreign buyers bought 12.7 percent of all property sold in Spain in the first half of 2015, with Brits leading the way when it comes to properties bought by foreign nationals.

British buys made up 19.8 percent of all foreign purchases in the first six months of 2015, according to Spain’s Colegio de Registradores.

The most popular places for foreigners to buy a house in Spain are the bustling holiday destinations of the Balearic Islands and the Canary Islands, followed by the coastal destinations of Valencia, Murcia, Andalusia and Catalonia.

Demand from foreign buyers saw a slight fall during the first three months of 2015, but recovered in the second trimester, rising to 12.8 percent of all purchases.

In some areas, overseas buyers make between a third and a quarter of all purchases; 33.5 percent of all house purchases in the Balearic Islands were made by foreigners. In the Canary Islands the figure was 27.5 percent and in Valencia, 25.7 percent.

Spain is one of the most popular destinations both for British tourists and expats, many seeking a new life in a sunnier, more laid-back climate.

British buyers have been flocking to Spain because of the bargains to be found thanks to the strong pound against the euro.

Source: The Local

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