Brits active in property market in Tenerife and Spain
Official figures show that Brits were among the most active purchasers of homes in Costa Blanca last year, along with the Russian and Norwegians, which collectively made up 80% of all transactions in the region.
According to figures obtained from Spain’s notaries, at least 9,200 foreigners bought holiday homes on the Costa Blanca last year, including 5,200 in the Catalonia region Costa Brava/Dorada, and 4,600 in Malaga Costa del Sol; Balearics (2,700), and Murcia (1,500).
José Vicente Dómine, Director General of Public Works for the Generalitat (Valencian regional government), told the press that more overseas nationals purchased bought homes on the Costa Blanca last year than in Madrid and Andalusia combined, and almost as much as Catalonia, the Balearics, and Murcia combined.
While the Spanish property market continues to suffer from an oversupply of homes, now is a great opportunity “for foreign buyers to bag a bargain on the Spanish coast,” said Spanish property commentator Mark Stucklin.
A growing number of vendors trying to sell their homes are dropping their asking prices, according to new research by one of Spain’s leading property portals. Asking prices for 18,007 resale properties in the Idealista database were reduced in June, 30% more than same time last year, and the highest level for 2 years. The number of price reductions has been on the rise every month since January, causing the 12-month average trend to rise after falling for about a year. But if the number of discounted properties is growing, the average discount value is not. Discount values peaked at the beginning of last year and have been declining ever since, so it’s a story of more, but smaller discounts.
