Many factors are contributing to an important increase in housing purchases by British citizens in Spain, including the following:
PRICES ARE STILL RELATIVELY LOW
House prices are still relatively low compared to the period before the economic crisis.
MORTGAGE MARKET OPENING
During the economic crisis, and specifically during the correlative banking crisis, banks and saving banks practically stopped granting mortgages.- This trend has completely reversed and especially for foreigners, who are favored by it.
Due to the political uncertainty in the Arab countries of the Southern Mediterranean, the economic instability of Greece and the geopolitical situation of Turkey, Spain’s perception as a comfortable and safe destination is being consolidated.
SPANISH ECONOMIC GROWTH
After the debt crisis, Spain is now the fastest growing economy in Europe, currently growing at more than 3% and, according to the latest predictions, it will reach 4% by the end of the year.
FAVOURABLE EXCHANGE RATE OF STERLING AGAINST THE EURO
If last January the Euro exchange was approximately €1.25 per Pound, it now exceeds 1.41 Euros for one pound, which is a great advantage for the British.