New figures show that the number of Spanish properties sold to British buyers rose significantly in 2018.
The figures show that the number of Brits buying Spanish properties rose by 12 per cent in 2018 to 10,178 – beating the record of 10,156 set in 2016.
The latest figures have come as a surprise to some as the number of purchasers from the UK was expected to dwindle as Britain prepares to leave the EU. Indeed, initially this is exactly what happened. UK buyers declined significantly in the two quarters following the June 2016 referendum, and were down by 28 per cent by the last quarter of 2016.
However, confidence began to return last year, and since the start of 2017 the UK’s share of the foreign buyer market in Spain has increased from 14 per cent in the first quarter of 2017 to 17 per cent at the end of 2018.
Spanish property expert Mark Stucklin, of Spanish Property Insight, believes that it was the weakness of the Sterling against the Euro that caused the drop in demand, rather than concerns regarding Brexit itself.
“Once the Pound stabilised at a lower level British demand also stabilised and then began to grow again,” he explained.
With the Spanish government having recently assured the rights of Brits to live in the country (so long as a reciprocal arrangement is made in the UK) then many experts believe that Spanish properties will continue to appeal to British purchasers, if and when the UK does leave the EU.
Article published 22nd March 2019