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Brexit Fear Abating Amongst British Buyers

Still a large expat communityin Spain
Still a large expat communityin Spain, despite Brexit

There is still a large expat communityin Spain

Spain is still the preferred destination for British people looking to purchase a home abroad, according to idealista.

After the uncertainty of Brexit took its initial toll on sales across the country, it seems the fear is abating amongst potential British buyers. Property developer Taylor Wimpey say reservations on the Costa del Sol, up to May 2018, have doubled when compared to the same period last year.

In fact, the English developer expects a record summer on the coast where they have seven new projects, all with building permits, currently under construction.

“The demand is increasing in general, but the fact the we [Taylow Wimpey] only commercialise projects which have been granted building permits, as well as financing developments with our own funds, grants an extraordinary guarantee to buyers,” says Taylor Wimpey Spain Sales and Marketing Director, Marc Pritchard.

Majority of Foreign Buyers

In Spain, there are some 300,000 British expats and they remain the majority weight of foreign buyers of homes, representing 15% of the total. The Brexit-effect caused many Brits to cancel their purchases and others to postpone their search resulting in fewer home sales in 2017 than in 2016, but this fear appears to be dwindling. Another important factor in the reduction in sales was the falling value of the Pound, which caused housing in Spain to become more expensive for the British buyer.

The seven current developments on the Costa del Sol represent an investment by Taylor Wimpey of 94.3 million euros.

As mentioned, British buyers currently represent 15% of foreign house-buyers in Spain. The French are next representing 8.67% of the total. They are followed by Germans (7.77%), Belgians (6.39%) and Swedes (6.38%).