Every year many people move from the United Kingdom to Spain, some to enjoy their retirement others looking for a holiday home in the hot sun. For many families, the transfer is intended to live and work permanently in Spain for a better quality of life.
According to the Statistical Information Center of Notaries in Spain, British buyers are still by far the largest portion of foreign property owners in Spain, accounting for 14% of all foreign transactions in this market. The reasons why people move to Spain are very clear and destined not to change. The English love the sun, the sea, the sand and the Spanish lifestyle.
Below we examine why this is the perfect time to buy real estate in Spain. Spain has always been a favourite destination for the “sun-seekers” of the United Kingdom. Not surprisingly, after many years of vacation in Spain, many people choose to move there permanently. There are currently over 300,000 Britons residing in Spain, a third of whom are pensioners. The number of Britons who buy real estate in Spain has increased by 8% in 2018 compared to 2017 and it seems that this trend is destined to continue in 2019.
Given that the cost of living in Spain is on average 22% cheaper than in the UK and rents in Spain are on average 49% cheaper, it is clear that the Spanish real estate market has become very attractive also for young couples of the United Kingdom who want to build a new life in a Mediterranean country.
Market conditions are also very favourable. The Association of Foreign Investors in Real Estate (AFIRE) ranked the Spanish real estate market in fourth place in the world, an improvement over last year’s sixth place and a place above the UK market. This may partly explain why data from the National Statistical Institute showed that new home sales in Spain increased by 30% and resales by 26% in October 2017. Foreign purchases represented a surprising 19% of all Spanish real estate transactions in 2018.
So why wait when you can enjoy life in the sun and a great investment right now? Have a look at the investment opportunities in Spain on our website