Brits Still Number One for Spanish Property Sale but for How Long
09 Nov 2013
Nick Stuart Managing Director of Spanish Hot Properties believes that the UK will stay number one in the short term but it will never return to the heady heights of 2008. First we have to understand what we are talking about here in that the international property market makes up only 6% of the whole Spanish property market but in Malaga province that equates to 25% of the property market. So in reality UK citizens make up just 1% of the Spanish property market and 4.25% of Malaga property market. The difference is since 2008 is the advancement of other nationalities taking advantage of property bargains in Spain whilst UK and German buyers lack confidence in the market explained Nick.
The void has been filled primarily by Scandinavians and Russian along with Belgium buyers. The number one buyers by per capita are the Norwegians who make up 5% of the total market but only have a population of 5 Million. In fact 20% of Norwegian citizens own a property abroad. If you add Denmark, Sweden and Finland as a single group then they more or less equal the UK’s share of the market. However in Marbella Russian buyers are currently number two behind the UK said Nick.
These new buyers are unlikely to go away so even if the number of UK buyers doubled it’s only likely to push their numbers into the twenty percent as the other nationalities will continue to want to buy in Spain. However what is very likely is that the overall percentage of international sales in Spain will increase maybe as to as much as ten percent of the whole market and maybe 30% plus in the provinces of Malaga and Alicante claimed Nick.
The great news for property investors in Spain is an ever increasing international buyer’s network which will make disposing of your property asset easier than it has ever been once this property recession is over said Nick.
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