Little effect of Brexit on UK nationals buying in Spain
The latest figures from the Spanish Land Registrar’s Association for the last quarter of 2017 show foreign demand for Spanish homes growing and an upsurge of British buyers returning in force to the Spanish Property Market.
Spain land registry figures for 2017 show the total number of residential sales made in Spain inscribed in the land registry in 2017, 13.11% representing 60,885 sales were made to foreigners. UK nationals lead the field with 9,114 purchases, in the same manner, they have since the early ‘80’s. France and Germany followed in second and third place with 5,285 and 4,731 purchases respectively, both at around half the number of UK purchases. This is clear evidence of the surprising resilience of the UK market to date, in clear defiance of the weakness of the Pound Sterling, and the ups and downs of Brexit negotiations.
As a result, foreign demand was 13.6% of the Spanish housing market at the end of last year, close to all-time highs.
Foreign buyers were led by the British with 2,384 registered purchases in the period, followed by the French (1,242), and Germans (1,198).
By market share, the British made up 16% of foreign demand, the French 8%, and the Germans 8%. Outside of key markets, the ‘rest of the world’ was 42% of demand.
British buyers back in action
Though down from 24.2% market share in Q4 2015, British demand rose from 14.7% of the foreign market in Q3 2017 to 15.6% in Q4, suggesting that Brexit has had a limited impact on this key market. British demand is growing again in volume terms, though by value I suspect British investment is stagnant or even declining, as more buyers have been forced by a weaker pound to reduce their budgets.
Source: Spanish Land Registrar’s Association
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