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Sales of Spanish property in coastal areas being driven by foreign buyers

By HopwoodHouse
22 December, 2016


New figures have shown how Almeria, which is located on the south east coast of Spain, has become the new place to buy for British buyers. Following the decision to leave the EU, British buyers are looking at the area due to the value on offer.

When compared to the same time last year, property sales in Almeria are up by 93% while other areas in Spain are growing at a steady rate. Almeria offers a more traditional Spanish feel that other areas of Spain cannot offer.

Property costs a fraction of what it does in other areas while its location makes it an extremely popular choice. This is why it is not just the British buying there, but also the French, Dutch and Germans.

Regardless of the decision to leave the EU, UK buyers are still looking to set up a new life in the area and this has led to a rise in sales as well as long term rentals which has gone beyond anything that was predicted.

The average age of the buyers is 45-60 years old as they look for a second home in the sun, where they can spend their retirement but also those who want to bring up their family in a better environment.

Changes to the way in which people work and the modern way of living means that younger people are now looking to purchase abroad. Instead of retirees dominating the market, younger people have the ability to work remotely and so they can also consider purchasing abroad.

In the UK, many people struggle to get onto the property market right up to their 40’s. However, younger people can now take advantage of the cheaper properties for sale in Almeria, where the average property price is €129,000 and this makes it an exciting prospect.

The average price of property in Alicante is €210,000 while in Malaga the average price is €295,000 both of which are considerably higher than Almeria.

This rise in sales can also be seen in the Spanish property market as a whole as sales rose by 12% when compared to the same period last year and since March 2014, sales have grown almost every month.

In some coastal areas, sales had declined for properties in Malaga in the Costa del Sol as well as Alicante in Costa Blanca, areas that were once extremely popular with British buyers.

However, the recovery of the real estate sector is underway with coastal areas leading the way as demand from foreign buyers helping the number of sales to increase.

A large percentage of sales that have taken place in Spanish coastal areas as well as the Canary Islands are made up by foreign buyers purchasing second homes. In the Balearic Islands, 30% of sales came from overseas buyers and the same has been seen in The Canary Islands, Malaga and Murcia.

The areas where the market grew by more than 10% are along the Mediterranean coast or the Spanish Islands.

 

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