There has been a sharp decline in British demand for property in Spain since the EU referendum, according to the latest figures from the Spanish Association of Land Registrars.
The data reveals that the number of British property purchases registered with the Land Registry fell by 16% year-on-year in the third quarter, and the signs are that the Q4 figures could be even worse.
A separate survey conducted by Spanish Property Insight suggests a big overall drop in British buyer activity, especially in the top two destinations of the Costa del Sol and Costa Blanca.
Mark Stuklin of Spanish Property Insight commented: “To get a better idea of the impact in the months since the British voted to leave the EU I’ve carried out a survey of property professionals in different parts of Spain including estate agents, buying agents, lawyers, mortgage brokers and surveyors, working in Barcelona, the Costa Brava, Costa Blanca, Valencia, Costa del Sol, and the Balearics, answering questions about the market between July and October. I got 22 responses back in October and November answering questions on British buyer interest, sales, budgets, concerns, and vendor behaviour.
“Despite variations between regions and price segments, the overall picture was one of a big decline in British buyer interest in the months leading up to, and just after the referendum. However, there are also some signs that British buyer interest might now have stabilised at a lower level, helped by a bit of a recovery in the pound, though it is still too early to tell.”
“I have also noticed that some Spanish property companies have decided to drastically scale back or even stop marketing in the UK, which is just another reflection of the Brexit impact,” he added.