Home comfort for Spain as property enquiries hit ten-month high

No doubt about Brit: UK home hunters are turning to Spanish property in their droves.

In a summer already shaped by sport – and with the Rio Olympics still to come – it feels perhaps fitting to talk of Spain’s property market in sporting terms. 

Spanish property has long been a ‘podium finisher’, ie, one of the three most popular markets globally, but a new report by home search portal TheMoveChannel.com has revealed that Spain is on course for the gold medal in 2016 – and we’re only halfway through the year…

According to the data, Spain has returned to pole position for the first time since September 2015, surpassing the US as the most popular enquiry location for home hunters.

TheMoveChannel.com report revealed that Spanish property accounted for one in eight of all searches on the site in the month of June – a ratio of 12.27% of all searches, pushing out the US into third place (8.14%) behind the UAE – home of Dubai – which accounted for 10.12% of searches.

Based on quarterly data, however, European destinations appear to be gaining in popularity more quickly than elsewhere, with enquiries for Spanish homes soaring 17% between the first quarter of the year and the second. It was a similar story for Italy, which saw a 14% increase in enquiries, while Portugal also enjoyed an increase.

France, however, slipped from fourth place to fifth place overall, as would-be buyers switched their attentions instead to Spain.

“The rise in Spain’s popularity arrives in the same month the UK voted to leave the EU,” said TheMoveChannel.com’s Director, Dan Johnson. “It is too early to see the impact of that decision, but with UK buyers accounting for a significant portion of our users, June’s report proves that Brits are far from out of love with Europe.”

Johnson added that Spain’s appeal ran deeper than mere lifestyle attractions. “Spain is a sought-after opportunity for investors. The country’s economy has been steadily growing each quarter since Q3 2015, with property prices also having bottomed-out in key areas.

“Even with the pound weakening in the wake of the Brexit vote, the euro has weakened too, meaning that property remains good value for buyers in the UK and elsewhere, boosted by mortgage rates at their current lows.”

In terms of transaction activity, last month was Spain’s busiest since July 2013, Johnson revealed.