Five reasons why Brits are Spain’s biggest property investors

A Brit’s love for Spain runs deep and is not always easily explained… until now.

Amid the good news stories currently swirling around Spain’s property sector – and, more widely, its economy – one trend has been notably recurrent in recent months: the prevalence of British buyers.

Data published by Spain’s land registry has revealed that Brits have accounted for one in five property sales to foreign buyers in 2015. An unsurprising statistic, perhaps – but its very mundane nature is worthy of further investigation…

Just why is it that Brits are so enamoured with Spain, Spanish property and Spanish holidays? And why do Brits far outweigh other Europeans when it comes to the Spanish love affair, namely Spain’s northern neighbours – France – and equally cold-climate northern European cousins, Germany? Given that Germany’s population is 20 million more than the UK’s, give or take, the dominance of Brits is even more impressive.

So, what’s in the water that makes Spain so attractive to Brits? There are both pull and push factors, and here at VIVA we’ve narrowed them down to a top five…

1. The weather

Unsurprisingly, it is Spain’s excellent climate that proves the biggest draw for British holidaymakers and homebuyers. With more than 300 days of sunshine a year on the Costa del Sol, and temperatures that soar into the high-30s regularly during June, July and August, the region is undeniably blessed.

For many Brits, the lure of the sun is all they need.

Compare and contrast that with the UK – with its wet and windy winters and unreliable summers – and it is easy to see why Spain’s climate holds such appeal. The French can always head to the south of their country for guaranteed sunshine, as can the Germans at a push, which explains why Brits have developed this ‘hop-on-the-plane’ mentality that is rather more prevalent than their European neighbours.

2. Cheaper property

Property in parts of London is now the most expensive real estate in the world. The southeast of England is not far behind, while even homes in the southwest, the larger cities and many parts of southern England boast price tags that would make Premier League footballers wince.

Not so in Spain where, high-end luxury homes aside, everything is that much more affordable. The Costa del Sol has a broad range of styles and price brackets, meaning everyone from first-time buyers to experienced investors can find something to suit. Spain also offers value, with excellent build quality and larger, on average, homes than those regularly on the market in the UK.

Property in Spain is spacious, good quality and affordable – making it perfect for home-hunting Brits.

3. UK’s home ownership culture

The home ownership culture of the UK also plays a part. Whereas Germans are content to rent way into the ‘50s, Brits like to get on to the property ladder early. Around the turn of the millennium the UK had Europe’s highest home owner-occupier rates at around 80% of all adults, but that figure has fallen to 65% as prices have soared and wages haven’t.

Yet despite homes being harder to buy than ever, that homebuying mentality remains, which prompts many young couples and families to look overseas for their opportunity to snap up a property. And with the strength of the pound against the euro, Spain is an even more attractive option than it has been in a long while.

4. Adventurous spirit

The Brits are a pioneering lot. Maybe it’s the Island mentality, the unpredictable climate or the prevalence of the English language, but people from the UK love to travel. Sidle up to a bar in Thailand, visit a streetfood vendor in Colombia or climb Mount Kilimanjaro and the chances are high that you will bump into a Brit – exploring, experiencing, generally enjoying the world.

Brits don’t mind upping sticks every now and then to see where the world takes them.

That spirit has served Brits well in Spain, where the ease of accessibility makes it a perfect ‘jumping-off’ point for those with the wanderlust. Beckoned by affordable property, great weather and a culture that is alien but not too alien, Spain has long been a welcoming playground for Brits abroad.

5. Comforts of home

Conversely, Brits also love to dabble in the comforts of home, and nowhere is more ‘British’ outside of the UK than the Costa del Sol. Sure, the USA and Australia have a shared language, but the sheer strength of the relationship between the UK and southern Spain runs deep, meaning those Brits who want to start a new life overseas but do not want to give up the comforts of home have a ready-made home-from-home just a two-hour flight away.

No other European nation has nurtured such an exclave. Germans may joke that Majorca is ‘theirs’ in the summer, but even parts of that island are distinctly British in character and makeup. And even the Scandinavian and Irish corners of the Costa del Sol take their cues from the UK.