Demand for Spain jumps a third as Brits buy most since 2018

The number of buyers contacting estate agents in Spain about properties available jumped a third (36%) in April compared to April last year, the biggest jump in buyer enquiries of any country in the month.

Buyer demand across all overseas countries on Rightmove, measured by the number of people contacting estate agents about available properties, is up 18% compared to last year.

Despite economic challenges at home such as the rising cost of living, new data from the Spanish Registrars (Land Registry in Spain) shows that the number of British buyer transactions in Spain is at its highest level since 2018.

The number of transactions from British buyers in Spain in the first three months of the year was 73% higher than the same period last year, and 16% higher than the same period in pre-pandemic 2019.

British buyers continue to be the biggest overseas market for Spain, accounting for 12% of foreign transactions at the beginning of this year.

Meanwhile the seaside town of Islantilla is the new search hotspot in Spain, with searches soaring more than 16 times compared to last year (+1512%).

The area of Bahia De Marbella in the Costa Del Sol is second (+477%) and the town of Vera in Andalusia is third (+229%).

Rachel Beaton, Rightmove’s Overseas Insights Expert, said: “From the beginning of the year we have seen positive movement in the Spanish market, with an increasing number of people contacting agents to see properties and growing accustomed to new travel regulations. As we approach peak summer, our data and the latest Land Registry data from Spain suggests many people have been taking action with their overseas moves, compared to last year when perhaps COVID restrictions meant many people remained in the planning stages. It’s clear how important British buyers are to the Spanish market given their share of transactions, and the rising number of purchases from British buyers, despite economic challenges at home, is a sign of confidence in the market.”

Sorin Neagu, Regional Director at Blue Square Spain, said: “The market in Spain is thriving without a doubt. For British buyers, two things have changed the market massively in the last two years. Firstly, the pandemic, and secondly, Brexit. In Blue Square Costa Blanca we are seeing an increase in the number of British buyers enquiring on properties of over €500,000 to obtain their “Golden Visa”, allowing them to reside in Spain which wasn’t necessary pre-Brexit.

“With big rumours about future inflation, more and more foreigners are investing in property in Spain now. Keeping savings in the bank may create a loss versus buying a property in the Costa Blanca that can also be rented out on a short-term basis. The value of the property will likely increase more than the inflation, so it’s a win-win. We’ve been helping British buyers with several things that are very new, such as obtaining the TIE (the new ID document for those outside the EU), the right documents to avoid double taxation on pensions and other incomes, and getting medical insurance among other things.”

Lisa Cornforth, Managing Director at Welcome Estates in Spain said: “The UK market is back in strength. The first quarter of 2022 has seen a great spike in UK buyers. There is likely more than one reason for this, the most obvious, travel itself has been difficult over the last 2 years. This has created a build-up of clients just waiting to come over. The second main reason is the successful applications for visas, especially the Non-Lucrative Visa. This has allowed many clients to continue to pursue their dream of owning a property in Spain.”

Spain search hotspots

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Notes

• Buyer demand is measured by enquiries to estate agents through Rightmove, and compares April 2022 with April 2021, and Q1 2022 with Q1 2021
• Transaction figures for Spain are taken from Land Registry Spain – Estadística Registral Inmobiliaria, Registradores De España