It seems Britain’s loyalty to Spain, one of the UK’s most favored holiday and second home spots abroad still remains strong according to figures from the College of Registrars with British property buyers responsible for one in four properties purchases in Spain by foreigners in 2010.
Figures show that British expats and property investors were the biggest buyers of Spanish property buying a total of 4,350 properties last year with the French following behind buying 1,627 homes in comparison.
Undeniably, the recent credit crisis led to a subduing of the market and a realignment of prices but the recovery is believed to be underway with a 4.4% rise in property sales to foreigners last year.
Although British buyers are still the biggest players in the market, last year also saw a rise in demand from Northern Europeans, with a 102% increase in Swedish demand and a 58% increase in Norwegian demand for Spanish property.
‘It is undoubtedly good news that international demand for homes in Spain is getting more diversified. The holiday home market used to be far too dependent upon British buyers, which was a risk that many promoters and the banks’ lending to them failed to understand. With the process of international diversification sales should slowly start to increase,’ said Mark Stucklin, managing director of Spanish Property Insight.
The Spanish government has recently been trying to lure more British property buyers to buy in the country by providing more information in English to ensure buyers are accurately informed of any legal issues connected with a property.
It is now possible to get a Land Registry certificate in English for €29 and it is hoped that efforts such as this will potentially lead to increasing numbers of British buyers looking to make offshore investments in a new Spanish property.
Ignacio Osle, sales and marketing director of house builder Taylor Wimpey de España that has been present in the market for over 20 years, believes that British buyers in particular will always love Spain.
‘We are proud to have a variety of customers from all over the world but plenty are from the UK. Brits are and have always been Spain’s biggest fans attracted to the easy reach location, sunny skies and laid back lifestyle. At Taylor Wimpey de España we focus on all our customers, but we do have a soft spot for our British admirers,’ he said.
‘Indeed, when it comes to location one of our most popular Spanish spots with Brits is the golden island of Mallorca. Even though Mallorcan property prices are on average higher than mainland Spain our developments offer exceptional quality and afford only premium locations,’ he added.