The house market in Spain is continuing to grow despite Brexit, and should continue to offer future opportunities throughout 2019. UK buyers are still number one in the home market throughout Spain, making up 14% of all foreign transactions, according to the Statitical Information Centre of Notaries in Spain.
Although Brexit still continues to make potential UK buyers worry, there is still, with all the uncertainty and no-one being able predict the outcome, an interest being shown in making the move. In some cases it has worked in Spain’s favour, as people who may have always wanted to make the move, have finally decided the time is right to do so.
With interest rates historically low in Spain, many see property as an investment opportunity, and with rental prices going up strongly, it has made people sit up and plan a future different to the life they are currently living.
Housing prices in Spain have been steadily rising since the financial crisis in 2008 and during the first few months of 2019, the national average property price increase was 6%. Despite this, Spanish property is still considered very good value for money when compared to buying property in the UK. Read more...
According to recent research, Spain ranked second out of 33 countries as best for first-time buyers due to a combination of reasonable property prices and the cost of living being 22% lower than in the UK.
Spain is keen to attract foreign purchases and investments, so even if Brexit were to happen, British buyers don’t have to worry about being outside of the EU as a large majority of foreign buyers currently include those from Morocco, Russia and China.
Foreign buyers, often with higher incomes appreciate and will pay more for location and something outside of the ordinary. The Islands, either the Canary Islands or Balearics, will continue to hold their prices and steadily improve, offering that perfect combination of financial security and the ‘wow factor’ when buying either a main home or a second property in stunning surroundings.