Strong Spanish property market down to Brits

It’s official – Spain’s property market is now as strong as it was in 2008.

Up until now, Spain’s golden years for its property market were just a memory, thanks to the long-standing effects of the 2008 financial crash. However, according to the country’s Land Register, foreign sales in the first quarter of this year were higher by 13.2 per cent than at the same time in 2017, proving that a property in Spain is a strong investment no matter where the buyers are located. Even more encouraging, Britons still make up the largest percentage of foreign buyers at 14 per cent of the total.

It would seem Brexit threats are now being totally disregarded by the majority of British buyers, who’ve long been the main reason for the success of Spain’s real estate market. Over the last quarter agents and banks have been kept busy showing clients around and handing out mortgages. Most Brits choose to go through mortgage brokers as they’re up to date on new as well as existing products and can explain their contents to non-Spanish speakers.

Another reason for the popularity of brokers is that they’re not working directly for any one financial institution and can therefore find the best deal for each individual client. As with any financial product, the devil’s in the detail and also in the small print, with compulsory add-ons and hidden fees brought to light before, not after, the signing off of the mortgage. For example, property insurance can be an add-on, and is likely to be dearer as well as less suitable than its independent alternative. Whilst most Spanish banks are straightforward about fees and commissions, not all extras are invariably declared.

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