Sharp rise in British demand for property in Spain since EU vote

There has been a significant increase in the number of Britons registering an interest in buying property in Spain post-Brexit, according to Spanish real estate agency Lucas Fox International Properties.

The company report that it has been contacted by a number of British citizens disillusioned with the referendum result and considering a move to Spain, in particular to the key cities of Madrid, Barcelona and Valencia, where the local economies are improving.

“Spain will always have an appeal for the British even though it may become marginally more expensive for them holidaying or buying here,” said Lucas Fox co-founder Alexander Vaughan.

But despite the reported pick-up in British buyers, the Spanish property market has become less reliant on British investment in recent years, particularly the high end of the market, with plenty of international purchasers now coming from other parts of the world.

A separate report released by Knight Frank this week shows that the prime property market in Spain is recovering strongly thanks in part to a sharp rise in buyers from Latin America and the Middle East.

The recovery of the market reflects the country’s strengthening economy which is expected to see growth of 2.6% in 2016, more than the UK and Germany, according to the analysis from the international property firm.

Kate Everett-Allen at Knight Frank said: “Ultra-loose monetary policy by the European Central Bank and low oil prices have led to an increase in consumer spending, higher employment and rising household incomes. The market fundamentals are improving.”