The Brits are helping to pump up Spain’s property market.
Purchases of property by foreigners accounted for 13% of all sales in the first half of 2015.
British buyers were the foremost, taking one in five properties, according to Spain’s Colegio de Registradores.
The most fashionable spots for foreigners to buy a house in Spain are the Balearic Islands and the Canary Islands, followed by the coastal areas of Valencia, Murcia, Andalusia and Catalonia.
These holiday destinations have a higher density of foreign buyers – 33% in the Balearics, 27% in the Canaries and 25% in Valencia.
Reports earlier in the year indicated that house prices in Spain were still overvalued, but prices have nevertheless fallen in some areas by as much as 40%. Although the drops were not as great in the most popular areas, there are still some bargain properties to be found.
British sun-seekers have been aided by the strength of the pound against the euro.
Both tourists and potential expats from the UK continue to hold Spain in high regard, making it one of their most sought-after destinations.
Comments
Portugal has not yet started bulldozing except in places along the coastline and the Faro estuary islands. But expect the clearances, threats and fines to get underway soon ... its a nice little earner for a government desperate to prop up its bloated public sector.