Brits buying more properties in Spain – report

The number of Brits buying property in Spain is continuing to increase, despite the date of Brexit drawing ever nearer.

The latest market report from Spanish firm Lucas Fox, shows that sales to British buyers have increased in all popular resort locations.

According to the figures, sales to British buyers increased to 13 per cent of all sales, an increase of 23 per cent year on year. In resort areas, British buyers represented the biggest buyer group in Marbella at 33 per cent, Sitges (27 per cent), Costa Brava (25 per cent), and Ibiza (13 per cent).

“The figures suggest that investors with more to spend are shifting money from the UK and acquiring European assets in anticipation of events to come when Brexit takes full effect. Buyer nationality in city locations continues to be more varied,” the Lucas Fox report says.

In total, prime property sales in Spain increased by 27 per cent year on year across all regions in the first half of 2018.

International buyers dominated sales in the coastal regions with 87 per cent of properties going to foreign buyers compared to 63 per cent in the first six months of 2017. The majority of these buyers came from the UK, France and Scandinavia. Approximately 77 per cent of these buyers stated the main motivation for their purchase was as a secondary residence.

Article published 7th August 2018