Britons are, have long been, and will likely continue to be the biggest single group of foreign homebuyers in Spain, but such is their dominance of this market – accounting for around one in five of all property sales to non-Spaniards – that to compare other nationalities on a like-for-like basis is often misleading…
Hence, Spanish property portal Kyero has taken a slightly different approach in recent months and grouped together ‘Europeans’ as a single entity… and the results are eye-opening.
When classed as a single group, the data shows that Europeans account for 60% of all enquiries for Spanish property that Kyero receives, with growth reaching double-digit figures since last summer.
Taken as a whole, the portal has recorded a 25% increase in leads and enquiries year-on-year (based on data from February), but it is among Europeans that interest and sales have spiked the most.
Interestingly, enquiries about Spanish property from the British has risen by 36% since last February, but actual sales have only grown 1.5% – an anomaly Kyero puts down to many Brits adopting a “wait and see” attitude while the issue of Brexit is resolved. In short, the demand for Spanish property among Brits is stronger than ever, but until the terms of Article 50 are finalised, this group of buyers remains locked in something of a holding pattern.
Not so the Germans, where interest and actual sales have risen by more than 20% in the space of the past year. Despite a general election later this year, German politics has long been stable, and that is reflected in the population’s willingness to make overseas property purchases.
For Britons, Kyero analyst Richard Spiegal understands the temptation to wait and see, but remains convinced that Brexit will be little more than a mild inconvenience for would-be buyers.
“On balance we think that the majority of British buyers will at most be mildly inconvenienced by Brexit,” Spiegal said. “It is unlikely to materially change travel access, property rights or availability of credit.
“Brits still want to buy, and are now in a holding pattern while they wait to see how Brexit negotiations progress.”
Even with this temporary and slight pause by the British, Spain’s property market is still growing strongly – which is a testament to its universal appeal among all Europeans and – increasingly – buyers from the rest of the world.