Spanish property sales to British investors surge.
The importance of the foreign market—and in particular the British sector—to Spanish real estate has been underlined by data showing that 14.4% of homes sold in the country during the last quarter of 2015 went to overseas buyers. According to the College of Property Registrars (Registradores) this was the highest proportion ever recorded in Spain and can be seen as a major factor in the continuing recovery of the Spanish property market. Through the year as a whole the percentage of foreign sales—defined as sales to non-Spaniards whether they live abroad or in this country—stood at 13%, and naturally that proportion rises dramatically in the coastal resort areas. That amounted to 46,000 homes, with 12,000 changing hands in the last quarter of the year. Demand from Spanish nationals grew by 7% in the same period while sales to foreigners grew by12%. Britons most important foreign investors in Spanish real estate By nationality, by far the biggest market after Spaniards were Britons, who continued their love affair with Spain with a remarkable 81% growth during 2015. On the other hand the Russian market—up until recently seen as the next ‘big thing’—dropped by 43% to make up just 4% of the foreign market, largely due to a Ruble that has lost 50% of its value in the past three years. In contrast, the pound Sterling saw steady gains throughout 2015, which coupled with the affordability of Spanish real estate made property in Spain—particularly in established destinations like Marbella—particularly attractive. Britons accounted for 9,956 sales in 2015 (21% of foreign demand), a figure that was 24% in Q4 compared to 15% in Q1. UK citizens were some way ahead of the French in second place, who made 4,116 purchases (9%), with Germans, who bought 3,445 (7%) properties, in third. Boost to Marbella property market This news is of particular importance to Marbella and the Costa del Sol as it is a region that has traditionally been highly attractive to the British. Also encouraging is the fact that sales to Swedish buyers were up 12%, with again the Costa del Sol a favoured destination. These figures tie in well with the development of the Marbella market as witnessed by Altavista Property in recent years. Growth from the Scandinavian and British markets has been driving the local economy for some time now, with demand especially high for new build properties and the focus on quality in desirable locations with good infrastructure—attractions that the town scores highly on. This surge in demand for Spanish real estate from the UK and Sweden particularly is positive news for Marbella and the Costa del Sol, and means the region can look forward to an upbeat 2016. Should you be one of those searching for a property on the Costa del Sol please contact us. We have a wide selection of quality villas and apartments for sale in Marbella and surrounding areas and feel sure we can help.
