The Brexit effect has slowed the British buyers in 2016
Sun still continues to sell !!
The purchase of properties in Spain by overseas buyers gradually gains more importance in the Real Estate market, according to the statistics released by the Property Registrars.
In 2016 the total number of property sold was more than 403.743 with more than 53.500 acquired by overseas buyers which accounts for more than 13.3% of the total sales.
However the so called Brexit effect has reduced the transactions from the UK particularly in the last quarters of the year. The British , French and Germans continue to buy in large numbers in search of sun and sand.
The registrar statistics confirm that the British are still the number one overseas buyers , who are most attracted to investment in Property in Spain with more than 10,000 transactions, followed by the French, with almost 4,400, and the Germans, exceeding more than 4,000 transactions.
However, this record level of purchases by overseas buyers could have achieved much higher levels. The result of the referendum in the United Kingdom with the British public deciding on masse to leave the European Union , and the resultant fall out or Brexit effect, has for the moment discouraged the British in their desire to purchase property in Spain or anywhere else for that matter.
In fact, the end of year records confirms the worst data of the last few quarters, with little more than 2,000 transactions. At MP Dunne properties we can absolutely confirm this trend as 2016 was a very different year than 2015. From the time Brexit became the shock reality with the British currency nose diving to an all time low , British buyers immediately reacted with a slowdown of interest
Despite this uncertainty on the part of the British, property in Spain continues to attract foreign investors as Spain heads out of recession and is considered a very safe place in general to both invest and live.
Marbella in particular is seen as a high end destination and is particularly attractive for its golf, its quality of life and many people make it a second home year round enjoying the escape from dark northern winters.
Certain coastal areas continue to attract foreign tourism, in search of sun and sand. The data for 2016 indicates that especially Malaga on the Mediterranean Coast and the archipelagos are still the main destinations for overseas buyers.