Spanish mortgage – Still in demand across Europe
Despite all the money worries and financial troubles of recent times, the classic stereotype of the British expatriate colonising parts of Spain is not showing much sign of subsiding, meaning that demand for Spanish mortgages is still pretty high.
Regardless of the weak pound, recent Spanish government statistics about Britons abroad show that the pursuit of a dream – of sun, sea and sand all year round – is one not easily weakened. British citizens account for 57.6% of all purchases by Europeans in Spain.
Although down from the 2006 figure of 63%, the British still hold the strongest position in the Spanish property market proving that the British are still determined to have a home abroad.
Demand for Spanish property mortgages
For the first time, the Spanish Government has released statistics giving a breakdown of who bought the 19,924 Spanish properties sold to European buyers in 2008. This provides an interesting insight into the Spanish property market and which countries are choosing to buy Spanish mortgages.
The British top the market share at 57.6% with the Germans as the next big buyers, accounting for 7.7% of all registered sales, followed by the Irish at 7.5% and the French at 6.1%. However, of those countries measured, the only country that bought more properties between 2007 and 2008 were the Russians with a share of 6.4%.
Regardless of the weak pound, the figures show no other country can gain a strong foothold in the Spanish market like the British can. Wet weather and high living costs continue to drive British buyers to obtain Spanish property mortgages so they can retreat to a location that is warmer, less rainy and with cheaper living costs.
Choose Conti for a Spanish mortgage
With high numbers of other Brits holding Spanish mortgages and spending at least part of the year abroad, Spain can also become a home-from-home with English-speaking locals and cheap air fares making weekend visits a very feasible possibility.
If you are looking for a Spanish property, we at Conti are the people to speak to with our expert knowledge of obtaining an overseas mortgage and experience of the necessary processes needed to buy a property abroad. We can help make buying that dream property with a Spanish mortgage a reality.