Buying property in Costa del Sol after Brexit – 3 types of the customers

Buying property after Brexit - 3 types of the customers

Less British came to Spain after Brexit ?

The number of British nationals who are now officially registered in Spain – most of them in Andalusia and the Valencia region – has risen by a record 10% since December 2018. There are now 365,967 Britons officially registered in Spain. The British community is concentrated along the coast, predominantly in Alicante and Málaga, and more than a third of residents are over 65.

Can I buy property in Spain after Brexit ?

World Economic Outlook, released on October 2020, the International Monetary Fund (IMF) predicted that the Spanish economy will shrink by 12.8% this year, the biggest contraction of all advanced economies. Spain ranks 17th on the global list of biggest drops in gross domestic product (GDP) because Spain is extremely dependent on tourism. As for 2021, the IMF expects Spain to grow at a faster rate than the euro zone as a whole 7.2% compared with 5.2%.

buying property after brexit

What are the house prices €/m2 by regions in June 2020/2019

Balearic Islands 3.105€/m2 (+4,2%)
Madrid 2.783€/m2 (-1.4%)
País Basco 2.597€/m2 (+1.4%)
Catalunia (2.226€/m2 (+0,1%)
Islas Canarias 1.854€/m2 (+3.2%)
Andalucia,Costa del Sol 1.646€/m2 (+6%)
Alicante 1.596 €/m2 (+3,8%)

Source

Read more about the house prices in Spain here ! 

What type of customers are buying property now ?

  1. Those who already agreed the deal, but due to the lockdown were not able to sign the contract, they want to close the deals as quick as possible before the predictable possible restrictions.
  2. Investors, who are already suffering losses in other financial investments. They are quickly moving to the property market as safest place to place the money.
  3. Bargain hunters, specially searching for price reductions and try to reach discounts.

Who is buying property in Spain ?

On the spanish coasts foreign buyers are representing 18% of the total buyers in Spain. Until Brexit the british buyers were the mail buyers (14%). Property Registrations Office shows an important growth in properties purchased in Spain by other European citizens, like Scandinavians, Belgians, Dutch, French and Germans. 

Should I invest in housing market in Spain ?

Property investment appears a safe place of the money, the banks offer low interest mortgage rates and most of regions in Spain the prices are stable despite of the Corona virus crisis. In Andalucia the coastal area, in Costa del Sol the figures shows again that the investments in this region are safe, the famous Marbella, Puerto Banus and Nueva Andalucia, Benahavis and Estepona still are very popular among the buyers.

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