Spanish construction industry Reaches Five Year High Thank to British Second Home Buyers
Buying property off plan is coming back into fashion as the
demand is returning
Almost half of the Brits buying second homes find themselves drawn to the sun, sea and sand of the Costa del Sol. So much so that a study has shown the number of new builds being approved in Spain has hit a five year high.
The Ministry of Public Works published figures showing that new home licenses in Spain has gone up by 57.1%. This led to a total number of 16,782 new build licenses approved in the first three months of 2016, an increase over last year and the best quarterly result seen since 2011.
The study says that the reason behind the boom in residential construction has been caused because overseas buyers are coming back to the Spanish market once more. Demand from overseas buyers for Spanish properties is on the rise, with a lot of that demand coming from neighbouring European countries.
The leading homebuilder in Spain, Taylor Wimpey España says that the total number of sales so far this year is up compared to last year, with an increase in British buyers of 48%.
With more Brits looking to make their place in the Spanish sun the Costa del Sol has become the most popular choice. Nearly half of these foreign buyers are choosing to purchase property in the region.
The sales and marketing director for Taylor Wimpey España, Marc Pritchard, believes that this summer will be just as scorching for the real estate sector with momentum continuing to build in the market.
He says that construction in Spain is on the rise as the foreign demand is strengthening the real estate market as a whole.
The Costa del Sol has always been the region of choice for Spanish holiday homes and it is taking up that role once more with British people making it their location of choice for second homes.
With British buyers choosing the southern coast of Spain for their homes the optimism the Spanish people feel towards the market increases. It’s expected that these positive trends will continue on for the rest of the year.