GERMANS are now buying more properties in Spain than Brits for the first time since the College of Registrars (Land Registry) started compiling the statistics.
It seems like Brexit has had yet another negative effect on the number of Brits heading for a new life in Spain. A trend that started in the third quarter of this year saw Germans outnumbering citizens from the United Kingdom for the first time when it came to purchasing a home in Spain- and it looks likely to continue. German buyers represented 10.4% of the real estate market between June and September 2021, compared to 9.9% of Brits.
“It has been noticed that as a result of Brexit, the British are not buying as much. Before they spent longer periods in Spain and that boosted demand, but now their stays are limited to a month at most and it shows in the market”, explained José Costa, spokesperson for the National Federation of Real Estate Associations (FAI) in the Valencian Community.
The number of Germans and Dutch buying property in Spain has risen. “Especially after the confinements”, added José Costa, “since they come looking for the climate and more spacious and luminous places to live for long periods”.
The Valencian coast remains one of the preferred destinations for the British to buy a house in Spain, together with the region of Andalucia and the Canary Islands, however, real estate offices in those areas have noticed a drop in demand.