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| Brexit vote dents British demand for Spanish property | |
| (35 minutes later) | |
| The number of homes in Spain sold to British buyers has slumped since the Brexit vote and the fall in the value of the pound. | The number of homes in Spain sold to British buyers has slumped since the Brexit vote and the fall in the value of the pound. |
| Sales in the third quarter of this year declined 16% after steadily increasing since 2011. Last year the strong pound led British buyers to purchase almost 10,000 Spanish properties, up 42% on 2014, giving them a 21% share of the number of homes acquired by international buyers. | Sales in the third quarter of this year declined 16% after steadily increasing since 2011. Last year the strong pound led British buyers to purchase almost 10,000 Spanish properties, up 42% on 2014, giving them a 21% share of the number of homes acquired by international buyers. |
| No other nationality buys as much property in Spain as the British, and in recent years they have made a significant contribution to the recovery of the Spanish property market. | No other nationality buys as much property in Spain as the British, and in recent years they have made a significant contribution to the recovery of the Spanish property market. |
| About 28% of holiday homes on the Costa del Sol are sold to Britons and 26% on the Costa Blanca. They also dominate the sales of holiday homes in Murcia, the Canary Islands and the Balearics. | About 28% of holiday homes on the Costa del Sol are sold to Britons and 26% on the Costa Blanca. They also dominate the sales of holiday homes in Murcia, the Canary Islands and the Balearics. |
| “We have carried out a survey of the sector and it appears that house purchases by Brits on the Costa del Sol and the Costa Blanca have fallen by around 50% since the referendum,” said Mark Stucklin, of the Second-Home and Resort Industry Observatory. | “We have carried out a survey of the sector and it appears that house purchases by Brits on the Costa del Sol and the Costa Blanca have fallen by around 50% since the referendum,” said Mark Stucklin, of the Second-Home and Resort Industry Observatory. |
| “At first it was the uncertainty after the Brexit vote, and then the fall in the pound,” said Catriona Hogan, marketing director at yourVIVA, a holiday homes estate agent on the Costa del Sol. | “At first it was the uncertainty after the Brexit vote, and then the fall in the pound,” said Catriona Hogan, marketing director at yourVIVA, a holiday homes estate agent on the Costa del Sol. |
| “About 40% of our clients are British and we’ve seen that drop to around 30%. There’s still a lot of interest but there’s a wait-and-see attitude as people are watching to see what happens with the pound. Things are picking up a little now.” | “About 40% of our clients are British and we’ve seen that drop to around 30%. There’s still a lot of interest but there’s a wait-and-see attitude as people are watching to see what happens with the pound. Things are picking up a little now.” |
| Stucklin pointed out that the market had always closely mirrored the fluctuation in the pound-to-euro exchange rate. The pound is currently down 18% compared with the end of 2015. | Stucklin pointed out that the market had always closely mirrored the fluctuation in the pound-to-euro exchange rate. The pound is currently down 18% compared with the end of 2015. |
| “When the pound fell below €1.20, from 2009-13, Britons bought fewer than 5,000 homes a year compared [with] nearly 10,000 in 2015,” he said. | “When the pound fell below €1.20, from 2009-13, Britons bought fewer than 5,000 homes a year compared [with] nearly 10,000 in 2015,” he said. |
| “If the trend continues it will have a significant impact on the Costa Brava and Costa Blanca markets, among others. | “If the trend continues it will have a significant impact on the Costa Brava and Costa Blanca markets, among others. |
| “While demand from other countries such as Germany, Belgium, Sweden and France is growing, in the short term it’s not enough to make up for the lost British buyers.” | “While demand from other countries such as Germany, Belgium, Sweden and France is growing, in the short term it’s not enough to make up for the lost British buyers.” |