Spain has a large British expat population of over 1 million, many of whom have been selling property in Spain fast since the Brexit vote of June 23, 2016. This has largely been due to the fall in the value of the Sterling relative to the Euro.
Regardless, Spain’s property market this year has so far begun well. The first quarter has been a good one for the Spanish economy, which grew at 3.2 percent. This makes Spain one of the fastest growing economies in the Eurozone. The fact that there is a stable government in the centre after 9 months of political limbo has certainly helped.
Home sales have been driven by low financing costs, the possibility of high rental returns and fast capital appreciation. Britons remain actively involved in the Spanish property market both as buyers and sellers. They are the biggest buyers of second homes in Spain and are closely followed by Germans and Scandinavians.
The German interest in Spanish property has increased by quite a lot over the last few years. More and more Germans are looking to buy second homes abroad, and Spain is of course the world’s #1 overseas property destination.
Scandinavians have been buying second homes in Spain since the 1970s. It is a tradition in Sweden and Norway to spend the winter in sunny Spain, relaxing on the beach, during a time when the whole region of Northern Europe struggles under extreme cold.
There are low cost airlines that connect Spain to virtually every country in the world, from the United States and Canada to Britain and Russia. Over 75.3 million foreign tourists visited Spain in 2016, which was a record year for Spanish tourism.
There has been an increase in interest shown in Spain recently by cash rich Chinese buyers. For wealthy Chinese individuals, Spain is an oasis of calm in a turbulent region.
There is no economic crisis of any sort in Spain, unlike Greece. There is no refugee crisis of the sort seen in Germany and Sweden. There have been no serious terrorist attacks in Spain so far, unlike Turkey or Israel.
Spain is an open and transparent democracy where the rights of people, including minorities, are well protected, and where the rule of the law prevails. The political situation here is very stable.
Beyond that, what makes Spain popular is the bright and sunny Mediterranean climate, the terrific cuisine, the warm and friendly locals, the spectacular beaches, and the relaxed laid back lifestyle.
Spain is a naturally beautiful country and is renowned across the world as a place to head to for sand, sangria, sun and the sea. Home sales in Spain are already 15 percent higher this year and home prices have been on the rise for 10 consecutive quarters. Clearly, there is a lot of optimism in Spain, and this certainly augurs well for those who are either looking to buy or sell overseas property quickly in Spain.