The high cost of properties in Britain has pushed many Brits to take the leap of faith and end up moving to Spain, which is an extremely popular choice among Brits. Figures from 2015 show that 1 in 5 properties sold to foreigners are sold to Brits! The study shows that almost 13% of all properties sold that year in Spain were sold to foreigners and out of all those properties sold, nearly 20% was sold to Brits.
What about Brexit?
Now with article 50 being triggered earlier this year and Brexit having many people worried about what to do with the Great British Pound being at a low, it would seem that all of this has had a negligible impact on Brits buying their dream homes abroad. A study performed by Spanish Legal Reclaims shows us that 55% (more than half!) of Brits who are considering to purchase a property abroad say that Brexit has no impact on their choice, and a staggering 10 percent have said that they’d be more likely to purchase a property abroad.
Expats in Spain
Spain is the favorite winning with 45% of votes, France being second with 37%. So, who else is moving to Spain right now? Well the runners up after the Brits are the French and then the Russians.
There are now over 750,000 people with British nationality officially living in Spain, most of them move to Spain’s tourism areas, the canary & Balearic islands, Murcia (Costa Blanca) and Andalusia (Costa Del Sol) being the most popular destinations. Property prices in Spain are on the rise and the housing market is healthy & active, although not as booming as before the crisis, figures are on the rise.
UK Property prices vs Spain
Apart from the sun, why are so many Brits moving to Spain? As the title suggests, price in properties. In the UK, the average price of a house per square meter is £2,216 or as high as £11,321
in some areas of London. Now lets compare that to Malaga, one of the most sought after areas to live in Spain by many Brits, here the average price per square meter is €1,662 and areas such as Valencia are €952 per square meter! After taking the exchange rate into account, the cheaper living costs and the average of almost 3,000 hours of sunshine each year, it’s clear to see that regardless of Brexit, buying abroad remains as popular as ever.