Tinsa, leaders in the market of property valuations and appraisals, has released this latest data, which specifically shows the highest growth to be seen in the Balearic Islands. In Mallorca, Menorca, Ibiza and Formentera, the average house price growth has been recorded as 6.8% within the last 12 months. Along the Mediterranean coast, we can see that growth has continued at a steady rate of 4.4%.
If we look into exactly what kind of buyers are influencing the market, we can see from data collected by the Spanish Land Registrar’s Association that there is a clear foreign demand for Spanish property. This demand amounts to 42% of the overall market, with almost 16% of that coming from British citizens looking for a sunny getaway in the last quarter of 2017.
The ever-looming expectations and anticipations of Brexit appear to have, so far, had little impact on our desire to purchase abroad, according to this data. The interest in additional property in Spain has increased from 14.7% in the third quarter of last year, to 15.6% in the fourth.
Leading homebuilding company Taylor Wimpey España, which is celebrating its 60th anniversary this year (1958 – 2018), has commented on the information that Brits account for almost a fifth of sales made in February 2018.
Its Marketing Director, Marc Pritchard, has said: “With Spain now the second most popular tourist destination in the world, it is no surprise to see British holidaymakers and indeed second home buyers, returning in greater numbers this year.
“Property sales to Brits are strong, reclaiming their crown as our number one buyers and we are in fact seeing more and more affluent British citizens looking to place their money outside of the UK, with view to Brexit in April 2019. Spain is deemed a safe haven and we expect to continue to see ever more British buyers in 2018.”
Data from Kyero, the Spanish and Portuguese property portal, has brought focus to the exact locations where Brits are currently buying. Mallorca, the largest Balearic island, is currently very popular, with the properties available providing the opportunity for spacious homes. For a three-bedroom apartment, it could cost you between €250,000-€500,000.
The overall question for those of you considering buying an overseas property is, of course, do you invest now or wait to see what happens post Brexit? The future for overseas property may be uncertain at this time, but, for now at least, interest in buying abroad seems to be remaining firm.
If you do decide to purchase, remember that our specialist Overseas Property Insurance is available in Spain. Get a quick quote online here: https://www.insuremyvilla.com/quote_01.php