British Demand For Spanish Property Soars As Brexit Uncertainty Continues

Alicante is set to benefit hugely from British Brexit blues due to huge uptick in property purchases.

Now the Spanish province with the highest number of foreign house purchases, Alicante’s total number of homes sold in 2019’s third quarter saw just over 40 per cent going to expats – with Britons yet again getting the lion’s share. Overall across all the country’s popular expat destinations, British buyers accounted for 14 per cent of foreign transactions, with French buyers’ totals far lower at eight per cent and other European nationals averaging around six per cent.

The results were welcomed by the property market, as domestic demand has stagnated over the past several years, with Brexit believed to have been the spur for the increase in British purchases, even although it’s still far from clear exactly which rights expat in Spain will have, or even whether Britain’s EU divorce will actually take place. Other popular hot spots as regards property purchase are Santa Cruz de Tenerife, Girona, Murcia and Malaga, all of which have recorded hikes in the number of properties sold to foreign buyers.

Meanwhile, expats and locals living in Spain’s southern and southeastern provinces are battening down the hatches yet again, following a weather warning of another ‘gota fria’ due to hit Saturday along with a cold blast from the Atlantic Ocean. Heavy rains and violent storms characterise these uncommon weather events, caused by isolated depressions at very high altitudes. The same event earlier this year caused disastrous flooding, major property damage and loss of life.