The recovery of the British market accelerates the sale of homes

The recovery of the British market accelerates the sale of homes

After eight years of practically uninterrupted growth, the business of buying and selling homes to overseas purchasers in the Alicante Province is now growing at its fastest rate since 2014.

The momentum currently being experienced in the Swedish, German and Russian markets, has combined with the recovery of British buyers, who are now returning to the property market after a break that followed the Brexit referendum.

What the Real Estate sector is currently hoping, however, is that the recovery will not be affected by the difficulties currently being experienced between London and Brussels in reaching a divorce settlement and that this will not lead to a new relapse in the sector.

For now, the latest data collected by the Notarial College Valencia is “more than positive”, according to the vice-dean of the institution, Delfin Martinez who announced that during the second quarter of the year foreigners acquired 6,352 properties on the Costa Blanca , representing an increase of almost 15% over the same period last year.

Recent statistics issued by notaries confirm the trend in the data released by the Ministry of Public Works which showed a 14% increase in sales of homes to foreigners in the first quarter of the year,  and of more than 16% between April and June.

Martinez also stated that in addition to an increase in the number of properties changing hands, the average amount of each operation has also increased, with the figure now standing at 137,333 euros, almost 5,400 euros more than a year ago, which means a greater currency influx for the province.

By nationalities, the British are once again in first place having acquired 1,404 properties between April and June, which represents an increase of more than 17% and seems to confirm the trend that began at the end of last year, after the decreases of up to 30% that followed the Brexit referendum in 2016.

Along with the British market, the Statistics issued by the Notaries Association highlights the volume of transactions by the Swedes (687, 9.7% more than last year); the Belgians (597, with a drop of 8.1%) and the Germans, who accounted for 375 acquisitions, 15.7% more.

But, undoubtedly, one of the most significant improvements is the increase of 25.9% in Russian buyers with many buying several houses as an investment and, in so doing, obtaining a visa that is issued to foreigners who make an investment of over 500,000 euros.