Let’s analyse the Second Home purchases by the English in Spain
How active are the English? What properties do they like? What are the most loved Spanish regions by the English? How much do they pay? Do they prefer new build properties or resale? Do they need a mortgage for financing?
Both foreigners and Spaniards are very active on the property market in Spain. In 2018, foreigners bought close to 100.000 properties in Spain. Spaniards and Foreigners are buying the highest number of properties in 2018 vs any year since the crisis of 2008, have a look at our chart: more than 570.000 properties were bought, 16% of the purchases by foreigners.
Read our most recent article about that: Who are the foreigners buying real estate in Spain?
How active are the English on the Spanish Real estate market? How much do they pay for their properties?
According to the “Consejo General del Notariado” in Spain, the English are buying 41 properties per day, or about 14.800 for the last 12 months up to June 2018, in Spain. It is nearly 10 times more than in 2008. The price they pay on average is €1.621 per square meter. They pay just a little bit more than other foreigners buying properties in Spain. Check the evolution over the last 12 years.
Of course, depending on the region, price paid by foreigners per square meter is changing a lot. The Balearic Islands is the most expensive region if you want to buy a second home in Spain. Another factor factor to take into account for the price is if the property is a new build property or a resale.
Here is the price evolution for a square meter in all the different Spanish Regions:
What are the most loved Spanish regions by the English?
The English are buying in the suspected regions where foreigners are the most active: the Costa Blanca and the Costa del Sol. Those two Costas are in Andalusia and in the Valencian Community and represent nearly 40pc of the transactions done by the English. Other important regions are the Canary Islands and Murcia.
Where are foreigners buying in Spain? In which Regions, in Which Cities?
Foreigners are actively buying properties in many Spanish cities: for Alicante, Tenerife, Ibiza and Palma de Mallorca, Malaga and Girona, they represent more than one transaction out of 4.
Here are the most active regions
Here are the most active cities
If you want to read more on the subject: Which are the top 10 Spanish cities where foreigners are buying properties?
What properties do they like?
Most of the the English, 1 out of 3 buy properties bigger than 100 square meters. If you compare those numbers with other nationalities, the English do buy bigger second homes in Spain than other foreigners.
Do the English prefer new build properties or resale?
15% of English are buying a new build property in Spain. This is inline with other foreigners.
Do the English take a mortgage for their Second Home?
Only 14% of the property purchases done by the English in Spain are done with a mortgage. For the transactions with a mortgage, the mortgage size is 166.968 EUR. Other foreigners take 128.000 EUR mortgage.
Download our pdf report: What are the ideal Spanish properties for the English? Where do they buy? How much do they pay?