Britons buying a fifth of all Spanish property sold to foreigners
Britons are buying a fifth of all Spanish property sold to foreigners, as moribund prices and a strong pound make holiday homes in the sun more appealing.
According to new figures released by the Spanish land registry, Britons, more than any other nationality, are taking advantage of a combination of favourable economic factors. The euro has fallen from about 80p to the pound, to a little over 70p in 12 months, making homes in popular areas such as the Costa del Sol and the Costa Blanca cheaper to buy.
As many as 750,000 Britons live in Spain for at least part of the year. “The British market is by far the most important,” said the Majorca-based sales and marketing director of Taylor Wimpey España, which develops homes in popular coastal areas. “There are several factors at play, but people are starting to realise that after years of the Spanish housing market being depressed, it is beginning to pick up.”