Spain still main draw for Brits seeking property abroad, finds survey

Spain is still the main attraction for Brits wishing to buy a property overseas.

Ever since last June’s EU Referendum result, doom-mongers have been predicting that the British pound would sink without a trace, and would-be UK buyers would be scared away from investing in overseas property…

And while the value of sterling has fallen somewhat, there are still no real tangible signs that British interest in property abroad is set to wane. Sales have actually still grown, albeit at a slightly slower rate than before, and a recent survey from legal firm Spanish Legal Reclaims has shown just how strong the desire remains for Brits to buy in Spain.

The survey found that 55% of those asked said that the Brexit decision has made no impact on their decision to buy overseas, with 10% actually stating that they were now MORE likely to seek property opportunities on the European continent since the vote.

Of those asked, 45% said that their preferred overseas property destination is Spain, ahead of France on 37% and Italy on 20%.

“It is not surprising to hear that Spain remains the favourite destination for British people who want to buy property in Europe,” said Spanish Legal Reclaims CEO Luis Cuervo. “Spain continues to deliver on lifestyle, property prices and climate.”

The strength of the Spanish property market is not solely predicated on British buyers, however. Interest from Scandinavia, France and Germany remains strong, while domestic demand has been rising for the past two years.

This can be seen in the slightly skewed sales data for April. Spain’s notaries have revealed that sales were actually down 2% in April compared to 2016, largely because of the Easter effect. This year’s Semana Santa fell in April, meaning notaries, banks and mortgage lenders were closed for more days this year than during the same month last year, which actually made it harder for Spaniards to place deposits and take out mortgages, thereby stunting sales growth.

Equally, March’s excellent sales figures – some 20-30% higher this year than last – can also be put down to the Easter effect. The trend above and beyond these slight anomalies is, however, wholly positive and heading in the right direction.