Even as the Brexit saga brings its own set of economic challenges, British interest in Spanish real estate, particularly property in the Costa del Sol region, shows no sign of waning.
According to data until September released on Tuesday by Taylor Wimpey España, there has been a 40% increase this year in property reservations in Málaga by UK citizens. “The interest is especially concentrated on properties that provide access to golf courses. Areas such as La Cala Golf Resort and Estepona Golf have been particularly appealing”, Taylor Wimpey noted in a statement. “Despite numerous challenges faced by Brits, their desire to invest in homes in Spain, and specifically those related to golf, remains resilient. This robust trend and notable growth in reservations reflect the ongoing quest for a quality life under the Spanish sun, particularly in Málaga.”
Why Costa del Sol?
The Costa del Sol continues to stand out as an especially attractive destination, offering a combination of world-class golf courses, beaches, rich gastronomic culture, and a welcoming, family-friendly atmosphere. Most notably, the value for money remains appealing to the British clientele, with three-bedroom townhouses available around €600,000.
A resurgence of British investment in the province of Málaga has been confirmed by the 16th real estate barometer prepared by Andalucian agencies. The report highlights that 18% of the transactions in the community are carried out by foreign buyers, with Almería (47%) and Málaga (42%) leading the pack.
Interestingly, only a third of these buyers, mainly British (19%), followed by Latin Americans and Moroccans, require bank financing. These loans are typically sought from Spanish financial institutions (33%) or banks in their countries of origin (28%).
Almost half of the Andalucian real estate agents anticipate stability or an increase in transaction closures by the end of the year. They also believe that property prices are likely to hold steady or even increase in the coming months, reinforcing the strong market sentiment.
This surge in British investment in the Costa del Sol could mark an interesting turn in post-Brexit relations between the UK and Spain, demonstrating that despite political upheaval, the lure of the Spanish lifestyle remains as compelling as ever.