One out of every five properties purchased in Spain by a foreigner ends up in the hands of a Brit. Their preference for Spain as one of the best destinations to buy a first or second home continues, and shows no signs of letting up.
As proof of this, we only have to look at a recent report published by housebuilder and developer Taylor Wimpey, who, just out of interest, has been in the business for half a century now.
The property company, which is based in London, increased the number of properties it sold in Spain last year by 53% from the year before. This, they attributed to the improvement in the British and Spanish economy, and the strength of the pound against the euro.
With a main share of properties for sale along the Mediterranean coast and in the Balearic Islands, Taylor Wimpey sold 251 homes in 2015, compared to just 164 twelve months earlier.
What’s more, British buyers actually went from shelling out an average of 250,000 euro on a property in 2014 to 314,000 euro the following year.
Taylor Wimpey have managed to increase their year-upon-year profits by 5.6 million euro and already has big plans for this year in Spain.
Nevertheless, as with the majority of developers and property companies, they are still not selling at levels reached before the economic and property crisis took hold of Spain in 2008. In 2006, for example, the company carried out a total of 379 operations and turned over 130 million euro.
The lion’s share of properties promoted by Taylor Wimpey are acquired by British buyers who predominantly want to buy a second home in the sun that they can visit several times a year.
And, Spain is the only country aside from the UK that the company actually operates in.
After a period of poor sales in 2007 and 2010, the company returned to purchasing plots of land on the Costa Blanca, Costa del Sol and the Balearic Islands, where it forecast the future demand would be.
Source: www.expansion.com
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