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The British lose the fear of Brexit and return to buy home in Spain

By zones, in Catalonia the sales to foreigners were stopped in the second half of 2017 coinciding with the crisis by the illegal referendum of October 1

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The British lose the fear of Brexit and return to buy home in Spain

The British have lost fear of Brexit and return to buy housing in Spain. Following UK's exit referendum in 2016, prospective buyers postponed ir decision to buy housing in Spain for fear of devaluation of Libra and political uncertainty. Sales plummeted (23.6% in second semester of 2016 and 16.1% in first half of 2017). But now one who has always been main customer of Spanish real estate market is putting his eyes on it again.

The purchases by British grew 7.8% during second semester of 2017, according to data published today Monday by General Council of Notaries. Despite recovery in transactions, Brexit has passed bill. In 2015 British were drinking almost 24% of purchases of homes by foreigners in Spain and now represent 14.3%. Still, y remain main buyers, followed by French (8.4%), Germans (8.1%) and Romanians (6.8%).

The number of purchases by outsiders was also billed for celebration of illegal independence referendum of 1 October in Catalonia. It became region where foreigners bought fewer houses during second half of year, height of crisis. Transactions barely grew by 2.5%, reflecting cooldown from 19.8% recorded during first half of year.

However, smallest Catalan advance did not prevent purchase of homes in Spain by foreigners to grow again during second semester of 2017 and to do so at a rate of 14.1% year-on and in all Autonomous Communities. The General Council of Notaries recorded 49,553 operations, 19.5% of total transactions in second half of year. Two thirds of sales were made by resident citizens and remaining third foreigners outside EU.

More expensive houses and ' gold visas '

In addition, expense for purchase of se houses also increased by 5.7% year-on-day (up to 1,717 euros per square metre), almost twice what foreigners paid in first semester. However, non-resident internationals paid much higher prices (2,027 euros per square metre) than residents (1,420 euros). The average cost paid by non-residents grew at a higher rate (8% interannual) than by resident foreigners (4.6%), which has been happening since beginning of 2014, year in which so-called Visa Oro came into force, which facilitates granting of Residence to buyers outside EU purchasing properties above 500,000 euros.

According to report, foreign residents of all nationalities increased ir purchases, notably Danes (39.5%), Moroccans (35,4%) and Swedes (30.8%). Among non-residents, exorbitant increases were recorded between Ecuadorians (250.0%) and Portuguese (131.4%), but y fell between Swiss (-10.5%) and French (-2.1%).

Despite se increases or declines, in Spain, according to communities, varies influence, but in general among non-residents (usually second residences) emphasizes weight of purchases of British, French, German and Norwegian on coasts, and Chinese and Italians in downtown area. Among residents, y stand out for ir presence in purchase of housing Chinese and Ecuadorians in all Spain, and again, British and French on coast, as well as Italians on islands.

The islands are interested in

Toger with Catalonia, or autonomy also recorded increases in purchase by internationals inferior to national average (14.1%): Andalusia (12.8%), Galicia (9.8%), Canary Islands (8.7%), Baleares (5.3%) and Aragon (2.8%). On or hand, 11 regions showed increases higher than national average (14.1%): Extremadura (54.9%), Cantabria (38.3%) and Navarra (34.0%). With rises of between 20 and 30% were located Castilla-La Mancha, Madrid, La Rioja, Basque Country, Murcia and Asturias, while in Valencian Community (19.8%) and Castilla y León (15.7%) The transactions advanced somewhat less than 20%, but above national average .

As in previous semesters, purchases were concentrated in part of Mediterranean coast and islands. Thus, communities with most weight of purchases by foreigners were baleares (40.5%), Canary Islands (37.6%), Valencian Community (37.0%) and Murcia (28.4%), all of m surpassing national average (19.5%). Instead, y assumed a 10% or less in Peninsular Center and Cantabrian Cornice: Aragon (10.0%), Navarra (9.4%), Castilla-la Mancha (8.9%), Basque Country (5.5%), Asturias (5.4%), Cantabria (5.0%), Castilla y León (4.8%), Galicia (4.5%) and Extremadura (3.8%). Andalusia (19.2%) and Catalonia (18.4%) re-situate again around average and Madrid (12.2%) several points below.

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