Only 1% of new builds being bought by the British

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14 Jun 2023 5:19 PM by windtalker Star rating. 1934 posts Send private message

I was reading a article today that said that 95% of new builds on the Costas are being purchased mainly by Eastern Europeans and Russians only 1% of the total¬† are UK ūüá¨ūüáß buyer's this is a massive turn around for the Spanish property market in Spain....I think this has been caused by the 90 / 180 day rules and the fact that the Spanish government are demanding a huge amount money and a private health insurance for the NLV which according to statistics ¬†has been a failure with¬† a extremely low take up by the British¬† personnel speaking I have yet to come across someone from the UK that has a NLV l am onthe Costa Blanca which is normally over run with¬† Brits but I can't help noticing that most of the Brit Bars are practically empty.¬†

 

 


This message was last edited by windtalker on 6/14/2023.



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14 Jun 2023 5:38 PM by mariedav Star rating in Ciudad Quesada. 1221 posts Send private message

Maybe on new homes but the Brits are still the largest buyers of property in this area. There was a record number of properties sold to foreigners in the last half of last year. Of those, some 9.3% were sold to Brits, Germans were next at 8.9% followed by Swedes, Belgians and French. Of the number of properties sold on the Costa Blanca, 40% were to foreigners. 

Whilst Brits still account for the highest number of buyers, the percentage is well down pre Brexit when they bought 24% of properties. The purchase price has also risen with property prices over 500,000 euro accounting for  a record 2% of the sales which could mean the golden visa coming into play.

OK, I know the area you live in but you say you have yet to come across anyone with an NLV. Strange place as my community, a lot smaller than yours, has had 3 Brits with NLV moved over in the last year. I am also on another site serving the Costa Blance and there are dozens on there which state they have just got the NLV, have applied for one or are asking for advice on how to get one so it surprises me that you say that considering Torrevieja, Orihuela and Alicante City are the most popular. 

But, yes, sales to Brits are falling for the reasons you state. Plus the falling pound of course. 

Oh, and we went out the other night for a meal. Places were packed and the usual high number of Brits in attendance although I do note the Scandinavian languages seem to be in the majority when going to supermarkets.

 

 





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14 Jun 2023 8:03 PM by windtalker Star rating. 1934 posts Send private message

Mariedav...as i said I have yet to come across a British citezen with a NLV myself I dare say there is a few around...I also frequent the various facebook forums¬† and read the various posts from people making enquiries on how to obtain a NLV I tend not to bother answering any of the posts due to the vast majority being post's by dreamers...I have tried a few times to obtain the official British NLV numbers in Spain¬† since the¬† Brexit and the only figures that have been quoted by a frequent Vloger¬†on YouTube is approximately 1,800 ...apparently the Spanish government are reluctant to give the official NLV figures...the only official figures that the Spanish¬† government will release is how many british citizens live in Spain ūüá™ūüáł legally which is approximately 262,000 .





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14 Jun 2023 8:29 PM by Kavanagh Star rating in Oil Drum Lane Newcas.... 1315 posts Send private message

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Hello Windy

How do you know your statement ‚Äė‚ÄôOnly 1% of new builds being bought by the British‚Äô‚Äô is accurate?



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14 Jun 2023 8:41 PM by windtalker Star rating. 1934 posts Send private message

 

 

 

Kavanagh I got the information out of a Spanish magazine...the building company that made the statement is one of the largest on the Costas with 3 major building projects on the go....including the site next to me with villas asking prices starting from ‚ā¨450,000 .





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14 Jun 2023 10:12 PM by Kavanagh Star rating in Oil Drum Lane Newcas.... 1315 posts Send private message

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Windy, what is the name of the magazine and do you have a link to it?



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14 Jun 2023 10:13 PM by mariedav Star rating in Ciudad Quesada. 1221 posts Send private message

We have loads of new builds going up. Seems as busy now as it was in the boom year. However, they are virtually all those white, eco flats which aren't really popular with the Brits but the Scandinavians seem to love them. I find them a bit featureless. to be honest. They are being occupied as soon as they are built even with more building work going on next to them. Prices seem to be around the 200k mark which I find a bit expensive as there's not much outside area. Maybe the eco part of the marketing is what makes them popular.

There have been 4 big 5 bed houses built near us going for 670k and have all been bought by Brits. Big houses with their own swimming pools and they've added arches and traditional Spanish styling which probably makes them more attractive.

Trying to get numbers, foreigners bought 26,726 homes between June and September last year; If Brits bought 9.3% of those then that is about 2,490 sold to Brits. The Costa Brava accounts for 40% of all houses sold in Spain so brining those figures together then Brits bought almost 1,000 properties in that quarter in this area alone. Of course,some of those could be Brits already living here who are moving, downsizing or upsizing and may not all be newbies. 

That seems rather a high number considering UK is going through a serious cost of living crisis according to the British press. Indeed, Alicante airport has broken records for arrivals every month this year (according to Informacion.es and ABC Valencia.)

Maybe the scare stories in the press has put them off buying new builds especially the off plan ones. 

 

 

 





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15 Jun 2023 9:50 AM by windtalker Star rating. 1934 posts Send private message

Mariedav I have a Villa in Los Balcones the traditional looking Villas seem to sell quite quickly my son bought a traditional¬† Villa¬† last year in Los Balcones and his friend also bought a traditional¬† Villa in Los Balcones a couple of months ago so the British are still buying¬† ..just not in the high numbers as they use too ..the new builds sites seem to take forever to complete..the new build site next to my urbanisation consists of 190 Villas of the square eco type the smallest being 3 bed 3 bathrooms with own pool they start at ‚ā¨450,000 I am not to sure how much the 4 / 5 bedroom one's are going for the developers will only build when they have a sale hence the reason the site has taken 5 years up till now around 90 have been completed and I think it will take another 5 years to complete which is one of the reasons I would never buy on a unfinished urbanisation and the fact that Spanish building firms have a tendency go into bankruptcy¬† protection before the site is completed.¬†

 

 

 

 





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15 Jun 2023 9:50 AM by windtalker Star rating. 1934 posts Send private message

Mariedav I have a Traditional¬† type Villa in Los Balcones on¬† the outskirts of Torrevieja the traditional looking Villas seem to sell quite quickly my son bought a traditional¬† Villa¬† last year in Los Balcones and his friend also bought a traditional¬† Villa in Los Balcones a couple of months ago so the British are still buying holiday homes¬† ..just not in the high numbers as they use too ..the new builds sites seem to take forever to complete..the new build site next to my urbanisation consists of 190 Villas of the square eco type the smallest being 3 bed 3 bathrooms with own pool they start at ‚ā¨450,000 I am not to sure how much the 4 / 5 bedroom one's are going for the developers will only build when they have a sale hence the reason the site has taken 5 years up till now... around 90 have been completed and I think it will take another 5 years to complete the site which is one of the reasons I would never buy on a unfinished urbanisation and the fact that Spanish building firms have a tendency go into bankruptcy¬† protection before the site is completed...this could be the reason behind the British not buying off plan¬† ...as I said before I have yet to come across a British citizen that hase a NLV i also challenge anyone to attempt to find out exactly how many british have emigrated to Spain via the NLV post Brexit the unofficial number is approximately 1,800 which is a embarrassingly low take up for the Spanish government if this number is correct. Especially when you take into consideration that approximately 58 ,000 British citizens emigrated to Australia last year.


 

 


 


 


This message was last edited by windtalker on 6/15/2023.



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02 Aug 2023 8:51 AM by rosydam Star rating. 7 posts Send private message

The information you provided indicates a significant shift in the Spanish property market, with a substantial increase in property purchases by Eastern Europeans and Russians, while UK buyers make up only a small percentage. Several factors may have contributed to this trend:

Residency and Visa Regulations: The 90/180 day rules and the requirement for private health insurance for Non-Lucrative Visas (NLV) may have deterred some UK buyers from investing in Spanish property. These regulations can impact the ability of UK citizens to stay long-term in Spain and may have led them to explore other options or countries with more lenient visa rules.

Economic Factors: Economic considerations, such as differences in cost of living and currency exchange rates, can influence property buying decisions. Eastern Europeans and Russians may find the Spanish property market more affordable or favorable from an economic perspective compared to UK buyers.

Market Perception: The perception of the Spanish property market and its stability can also affect buyer preferences. The Spanish property market has experienced fluctuations in the past, and changes in regulations may contribute to uncertainties among potential buyers.

Pandemic Impact: The COVID-19 pandemic may have influenced property buying trends. Travel restrictions and health concerns may have limited the mobility and interest of potential UK buyers during the pandemic.

Brexit: The UK's departure from the European Union (Brexit) could have also played a role in the shifting property market dynamics. Changes in mobility and residency rules post-Brexit may have influenced UK buyers' decisions.

It's essential to note that trends in the property market can be influenced by various factors, and individual experiences may vary. While the reported shift in buyer demographics may be significant in certain areas, the overall property market in Spain remains diverse and can continue to evolve based on changing circumstances.

For anyone considering buying property in Spain or any other country, it's crucial to conduct thorough research, seek professional advice, and carefully assess personal circumstances and preferences to make informed decisions. Additionally, talking to local real estate experts and understanding the specific dynamics of the region you are interested in can provide valuable insights into the current property market situation.

 

 

sinister squidward

 


This message was last edited by rosydam on 8/2/2023.



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03 Aug 2023 11:07 AM by baz1946 Star rating. 2328 posts Send private message

Are the russians buying property in Spain?  Considering what many feel about them right now.





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03 Aug 2023 12:25 PM by Kavanagh Star rating in Oil Drum Lane Newcas.... 1315 posts Send private message

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Money talks and morality come a long way second.



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03 Aug 2023 2:34 PM by mariedav Star rating in Ciudad Quesada. 1221 posts Send private message

Hardly any Russians buying in Spain now due to the sanctions on moving money. Property Insight says sales virtually dried up overnight. Those that do have property can't sell them as all non resident Russian bank accounts have been frozen.

Those Russians resident in Spain earning money from a Russian partnership have been forced to return to Russia due to having accounts frozen which is why there are a lot of vacant properties owned by Russians around. We have 3 on our urbanisation and we haven't seen the owners, or renters, for nearly 4 years nor are we receiving community fees.. The pandemic and the sanctions are responsible for that. Prior to 2014, Russians were the largest group of  non EU members buying in Spain but now the Chinese and Romanians have overtaken them. 

 





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