According to TheMoveChannel.com’s Top of the Props report, June 2016 saw Spain knock the USA off the top spot as the most popular country amongst overseas investors.
The high demand for Spanish property made up 12.7% of all the websites online enquiries in June, boosting it to the most sought-after country for international buyers for the first time since September 2015.
2016 has seen America regularly feature at the top of TheMoveChannel.com’s property charts, though June also saw the rate of enquiries fall to 8.14%, placing the US in third place behind the UAE, which made up 10.12% of property enquiries.
Dan Johnson, Director of TheMoveChannel.com, commented on the surge of interest in Spain’s property enquiries: “The rise in Spain’s popularity arrives in the same month as the UK voted to leave the European Union. It is too early to see the impact of that decision, but with UK buyers accounting for a significant portion of TheMoveChannel.com users, June’s Top of the Props report proves that Brits are far from out of love with Europe”.
While Spain has long been popular with overseas buyers, particularly with investors from the UK, the draw of the country is about so much more than just the promise of nicer weather and a sea view. Johnson puts it down to the promise of a high financial return as well as a pleasant lifestyle change:
“Spain is not just a European lifestyle favourite but a sought-after opportunity for investors. The country’s economy has been steadily growing each quarter since Q3 2015, with property prices also having bottomed out in key areas. Even with the pound weakening in the wake of the Brexit vote, the euro has weakened too, meaning that property remains good value for buyers in the UK and elsewhere, boosted by mortgage rates at their current lows.”
Though buyer activity is not quite back to the peak levels seen before the financial crash, he remains optimistic about the future of Spain’s property market:
“Spain’s share of activity in June 2016 was its highest since July 2013, when it accounted for 30 per cent of activity on TheMoveChannel.com. Demand is below that peak, but is higher than 2015’s best months, when Spain recorded 11.99 per cent and 11.25 per cent of enquiries respectively. The country remains attractive for EU and non-EU buyers alike.”