Growth in Foreign Buyers Slows!
The number of foreign buyers purchasing residential property in Spain has declined for the first time since 2010.
British buyers are still the largest segment, accounting for 14% of all Spanish property purchased by non-Spanish nationals. That’s almost as many as German and French buyers combined, but there is no need to panic just yet – buyers from overseas are still purchasing over 5,000 residential properties per month compared to 4,000 per month in 2016.
This means that the market has only declined by 3% in Spain and is looking more like a temporary blip, rather than a real trend. When you consider most foreign buyers in Spain come from Northern European countries, you will see from the following explanation why Spain’s foreign buyers’ market is really doing quite well.
The decline in property sales in northern European countries is far more worrying, for example; Sweden is down 35% – Belgium is down 23% – Germany is down 15% – Norway is down 12% and the UK is down 8%!
Those countries listed above are also where the bulk of Spain’s foreign buyers come from, so, it’s extraordinary that the foreign buyers’ market in Spain has hardly been affected in comparison. From our own perspective, we have barely noticed any difference in client numbers, but as mentioned in last month’s column, budgets are getting tighter. I will continue to monitor and compare the whole situation across Europe and keep you updated, but I’m always aware that here in Spain, we are lucky that so many people in colder climes dream of moving here for our weather and way of life. That’s unlikely to change anytime soon.
Fuente Alamo Real Estate/Murcia Coast & Country
Tel 0034 968 598 173