Spanish Property Enquiries hits Ten-Month High
There really is no doubt that British home hunters are looking at Spanish property. In a summer dedicated to sport, and with the Rio Olympics on their way, perhaps it would be fair to talk about the Spanish property market using sporting terms.
Regardless of the Brexit outcome Spain looks a great
place to buy property over the next 6 years
The data suggests that Spain has become the number one property market for the first time since last September and has overtaken the US as far as property enquiries go.
TheMoveChannel.com reports that Spanish property enquires made up one in eight searches performed on the site in June, with a ratio of 12.27% of all searches being about Spain. This pushed the US down to third with 8.14% behind the UAE, where Dubai is, which was behind 10.12% of searches.
The quarterly data would suggest that the European destinations are becoming more popular than everywhere else though, as Spanish property enquiries went up 17% between the first and second quarter of the year. Italy also saw a major growth with a growth of 14% and there was also an increase in Portugal.
Things weren’t as nice for France however as the country slipped from fourth place to fifth with buyers heading to Spain instead.
TheMoveChannel.com’s Director Dan Johnson commented that the rise in popularity for Spanish property fell in the same month that the UK voted they would leave the EU. So right now it’s still a little too early to see how the Brexit will affect this demand as many of the enquiries were made by Brits. This data would suggest that Brits love Europe (or at least Spain) more than their voting habits would suggest.
Johnson added that the appeal was down to more than just lifestyle attractions. He believes that Spain is also highly sought after by investors. The Spanish economy has been growing steady since the third quarter of 2015 and key areas have seen property prices bottom out now.
Even after the pound weakened following the Brexit vote the Euro also saw a bit of a drop. This means that property still gives investors great value in the UK and elsewhere, with mortgage rates at appealing all-time lows.
Johnson also revealed that, when it comes to transactions, last month was the busiest month for buying property in Spain since July 2013.