Who Are the British Buying Real Estate in Spain?
It's a well-known fact that British like to buy property in Spain. In fact, 16.7% of transactions recorded there in 2014 had UK buyers. As growth returns to both Spanish real estate prices and the British economy, demand for Iberian property is on the rise too.
Moscow, Russian Federation, September 9, 2015 (Newswire.com) - In this report by Tranio, international real estate broker, our expert investigates who these British buyers are and what they’re looking for in a property.
First and foremost, it appears that there is a typical buyer profile that can be defined by age, property size, financing, destination, location and property use.
Tranio forecasts show property prices should grow for the next 2-3 years and with violence on the rise in other popular tourist destinations, Spain's definitely a cheaper, warmer and safer bet for Britons on the hunt for holiday property.
Tranio experts
The British buyers are middle-aged and clearly not investors, rather they finance their property with assets they already have and keep it for personal use exclusively.
They have specific destination and location desires but they are not so picky when it comes to choosing property type, as long as it’s over 100 sq m. You will find their properties are rather spacious flats and houses preferably close to the sea or on an island.
The British are good buyers. They have bigger budgets thanks to the favourable exchange rate and spend €200,000 on average per purchase. They are also more likely to invest in new property and buy luxury real estate.
They have better buying conditions. UK buyers are from Britain’s wealthiest age bracket and thanks to the country’s strong currency (GBP), property in the Eurozone is much more affordable. At the same time, they prefer to finance their new property with personal assets.
Even if the Bank of England does raise interest rates back home, British buying will continue in Spain for the next few years. Tranio forecasts show property prices should grow for the next 2–3 years and with violence on the rise in other popular tourist destinations, Spain’s definitely a cheaper, warmer and safer bet for Britons on the hunt for holiday property.
* * *
Get the full report here. It’s free to use and republish with a reference to Tranio.
Tranio is an international real estate broker with a large property catalogue working with agencies and developers across the world to help clients buy and lease property at no extra cost. Our editorial office publishes up-to-date news, reports and forecasts for foreign realty and has been cited by major business media players such as Bloomberg, Vedomosti, Kommersant, RBC and more.
Share:
Tags: british buyers, overseas property, property in Spain, Tranio
