Foreigners back to buying in Spain
The rate of properties bought by foreigners in Spain is back to pre-pandemic levels, representing 12.6% of the total number of purchases in the fourth quarter of 2021. These are figures not seen since the last quarter of 2019, the last ‘normal’ period before the start of the Covid-19 pandemic and ensuing lockdown and travel restrictions saw operations from overseas buyers drop considerably.
Britons are back to being the main foreign buyers in Spain (12.4%) followed by German nationals (10.9%), French (7.8 %), Moroccans (5.7 %), Belgians (5.5%) and Swedes (5.2%). And the regions with the biggest rise in foreign buyers are the ones that extranjeros traditionally prefer to buy homes in: the Balearics (39% foreign purchases), the Valencia region (24.3%) and the Canary Islands (25.9%).
Great exchanges rates are helping Britons get more for their money at the moment along with low interest rates on mortgage but will low rates last?
Spain’s mortgage market experienced its best year in the last decade in 2021, but experts have warned that this scenario could have its days numbered as market conditions are beginning to change and in the coming months customers will see mortgage loans rise.
The first symptom of this change can be seen in the Euribor, the index to which most variable mortgages in Spain are referenced.
It’s remained below 0 % since 2016 and broke its negative record in January 2021,but the rise in inflation in Spain could see variable mortgage payments rise during 2022.
The rise in variable mortgage interest rates could also mark a rise in fixed-rate mortgages banks are willing to offer. Banks have always favoured longer term fixed rates so a rate rise wont effect those who took fixes when they took their mortgages out
If you are looking to buy a property in Spain, France, Portugal, Turkey or USA and need a mortgage, email mark@vci-network.com for the latest criteria
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Blog : What will buying a home in Spain in 2022 look like?
