Estate agencies have reported a 100% year-on-year increase in purchases by UK buyers over the past 12 months.
The BBVA bank’s forecast that Spanish property prices will rise 5% this year has been a key reason.
“We’ve seen a sustained increase in British buyers on the Costa del Sol over the past year,” said Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España.
“The exchange rate has a huge influence over such matters. We’ve also seen a 15% increase in the number of property reservations across mainland Spain and the Balearic Islands as a whole, with reservations now at their highest level for seven years.”
According to xe.com, the past 90 days have seen just 0.32% volatility in the GBP/EUR exchange rate, from a low of 1.12014 to a high of 1.15801. The result is an increase in British buyer confidence.
The figures coincide with the CEO of Costa del Sol Tourism, Jacobo Florido, announcing the ‘most important summer’ in the region’s history.
Both tourist numbers and income are projected to grow by 2% over the year – following a record-breaking 2017, when 12.5 million visitors arrived in the Costa del Sol, up 6.4% on the previous year.
An additional 80,000 visitors from the UK helped to bolster the figures.
It seems the costa’s stunning beaches and lifestyle offer have eclipsed buyers’ Brexit worries, leading to a surge in interest in Spanish second homes on the Costa del Sol.
“A number of factors are at play here,” added Pritchard, “On the one hand, we’ve seen a relatively stable GBP/EUR exchange rate over the last several months. At the same time, interest in the Costa del Sol in general is rising.
“Then there are the age-old attractions of the area’s pristine beaches and golf courses. All of this is excellent news for the local tourism sector.”
- Expats rally around British pensioner made homeless on Spain’s Costa del Sol as alleged ‘squatter tenants’ speak out - 25 Apr, 2019 @ 20:32
- British expats and locals FUMING as celebrity chef Dani Garcia’s chiringuito gets go ahead on protected land in southern Spain - 25 Apr, 2019 @ 12:16
- Mercadona refuses to review security measures on Spain’s Costa del Sol after string of British expats robbed in its stores - 24 Apr, 2019 @ 13:33
- Popular drag queen attacked by group of homophobic ‘foreign’ men in gay-friendly Torremolinos - 23 Apr, 2019 @ 11:50
- British pensioner praises Spanish local for handing him €400 he unwittingly left in cash machine on Spain’s Costa del Sol - 22 Apr, 2019 @ 15:30
- REVEALED: Which Andalucian province saw a 56% boom in property sales while Costa del Sol, Alicante and Balearics suffered DROPS - 21 Apr, 2019 @ 09:03
- BREAKING: British and Spanish children ‘almost die’ after dangerous game ends in FIREBALL on Spain’s Costa del Sol - 20 Apr, 2019 @ 21:14
- British expat robbed twice in same Costa del Sol supermarket in just 10 days loses ‘priceless’ personal mementos from dead daughter - 20 Apr, 2019 @ 08:51
- THERE’LL BE KILLINGS: Cadiz drug trafficker warns of BAZOOKAS and bodies on the streets if crackdown on smuggling across Strait of Gibraltar continues - 19 Apr, 2019 @ 13:10
- Irish company launches lifesaving ‘hangover care package’ for expats in Spain - 18 Apr, 2019 @ 12:09