Briton is Dominating the Spanish Real Estate
Attractive low prices and the strong pound are encouraging our British folks to buy Spanish holiday homes. According to the Independent, the Spanish land registry has released some data that shows that more Britons are taking advantage of the economic trend compared to any other nationality. Home is the Costa del Sol and the Costa Blanca cheaper to buy, thus they are the popular choice. The data also shows that the Euro has weakened against the pound from about 80p, to a little over 70p in 12 months.
Rapidly rising prices in the UK while the price growth in Spain is slow also make Spanish property attractive to British buyers. In a data prepared by the Colegio de Registradores, it was shown that 19.8 per cent of all assets bought by foreigners in the first six months of 2015 went to UK buyers. In the recent years, it was the Russians who have bought large numbers of Spanish holiday homes but sanctions and Russian economic conditions have slowed down investment of Russians in the Spanish property market.
According to Marc Pritchard, the Majorca-based sales and marketing director of Taylor Wimpey España that develops homes in popular coastal areas, “The British market is by far the most important. There are several factors at play, but people are starting to realize that after years of the Spanish housing market being depressed, it is beginning to pick up.”