Foreign Demand Reaches Record Levels in Spain

Spain is still one of the most popular destinations for expats – especially the British – who want to give up the daily grind and ‘same old’ of their own countries in favour of the sunnier climate here. Demand for Spanish property especially cheap property and penthouses for sale in Mijas Costa  has reached record levels, and the figures speak for themselves:

In 2015 there was a 42% increase in demand from British buyers, compared to that of 2014. According to the latest report by the College of Property Registrars, in Quarter 4 of 2014, 14.4% of all Spanish home sales listed in the Property Register were purchased by a foreign buyer. The Spanish property market has never before seen such high levels of foreign buyers, which means the expat community here in Spain is growing at a record rate.

Foreigners buy one in ten Spanish properties

House sales in Spain risesOver the whole of 2015, foreign buyers only made up thirteen percent share of the market, down only marginally from the 2014. As it currently stands today, it’s foreign buyers (both residents and non-residents) are snapping up over one in ten Spanish properties. Foreign buyers acquired a total of forty-six thousand Spanish homes in 2015, of which twelve thousand were purchased in the final quarter. So hurry up if you are looking for cheap property for sale mijas costa  or a  penthouse for sale mijas costa.  

This means that in the final quarter, demand from foreign buyers has increased by approximately 12%, while local buyers’ demand only increased by 7%.

History repeats itself as it is the Brits who are buying most properties in Spain; they are far ahead of other buyers with a total of 9,956 properties purchased in 2015. Close behind them are the French, who purchased 4,116 Spanish properties, and then the Germans who bought 3,445.

Compared to other nationalities, British demand went ‘through the roof’ over the last two quarters of 2015, whereas the Russians appeared to be taking a back step, with a steady decline in property purchase over the whole year. This is thought to have been influenced by fluctuating exchange rates; the British Pound has continued to strengthen where the Russian Rouble has weakened. The British were always the most dominant while the property market was booming and it seems that they will be leading the way again now that the market is picking up again.

Why are the Brits so keen on buying cheap property for sale in Mijas Costa?

Of course, it’s not only British expats here on the Costa Del Sol and there is a thriving community where locals and expats alike mingle to create the relaxed and friendly vibe that keeps attracting new buyers. Start Group pride ourselves on being in the know, and imparting our wealth of knowledge of the area and the market to our clients, so that they can make the best decisions for their new lifestyle. Let us know what you are looking for and whether it is a Penthouse for sale in Mijas Costa or a cheap property for sale in Mijas Costa, we will be more than happy to help!