Brits Top Buyers of Spanish Property

Brits Top Buyers of Spanish Property
Brits Top Buyers of Spanish Property

Brits are one of the top buyers of Spanish property, despite Brexit uncertainty. According to figures released last month by the Spanish government’s central statistics unit of the residential property sales, the number of transactions was 6.8 percent higher than last year at 42,649.

Additionally, the National Institute of Statistics showed that 5648 Brits are now making up more than a third of the population in Rojales and Quesada. In total, numbers reveal that at the beginning of 2019, 249,015 UK nationals were registered as living in Spain, making up the third highest total among other nationalities, such as those from Morocco and Romania. Many expats, for example, have been moving to Murcia, despite Brexit, with 14,095 UK nationals having registered on the local Padrones.

Spain’s climate, quality of life and increased life expectancy are some of the main reasons that many Brits are choosing to migrate to Spain and buy their property home.

Brits in Spain in times of Brexit

Due to the increase of the British population in Spain, the Spanish government has made sure that all foreign residents register properly so that their residential status is not threatened by the possibility of Brexit. For example, Derek Monks, who is the councillor for Integration of Residents in Spain, explained to Euro Weekly News that “Brexit is having an effect, despite not many Brits voting in the local or European elections.” But, he added, that “many British here don’t want a Brexit but most think that, if it happens, it won‘t affect their lives – largely down to the bond between both governments. After all, nobody wants people to leave”.

As Euro Weekly reported, “The British consulate in Alicante and the British Embassy in Madrid have long stressed the importance of all residents registering correctly, especially those that now see Spain as their second home. This is largely so that British expatriates can benefit from the bilateral agreements between the two countries, should the UK ever leave. With more than half of the registered Brits being over 65, the fundamental concern is that of the health system.”

Property Market in Spain

Murcia Today, reported that 59 percent of sales in the Costa Cálida were to British buyers, as figures published in March showed that in the Region of Murcia, demand for properties had increased among British buyers during last year. In addition, Spanish notaries’ data also shows that the uncertainty surrounding Brexit has not affected British appetite for a place in the sun.

The figures showed that in the Region of Murcia real estate sales by foreigners was 22.6 percent higher than in the second half of 2017, with UK nationals accounting for 7,687 purchases during a period of 6 months. According to Murcia Today, while the British purchases did not reach figures recorded in 2007, the total was “the highest for the British since the second half of 2015.”

While back in 2016, where the Brexit referendum took place, demand in Spanish property dropped, this has changed the second half of 2017 as confidence returned and the last three years saw “consecutive year-on-year increases,” Murcia Today noted.

Spanish property seems to enjoy a sunny period where demand by UK nationals is increasingly on the rise, with or without Brexit. As the notaries’ report demonstrated, Brits bought an average of around 8.5 homes in Murcia per day just between July and December, so the market is strong.

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