In pursuit of beauty, British buyers undeterred by Brexit

Property sales in Spanish coastal areas continue to improve despite the uncertainty regarding the so-called Brexit.

Online data recorded by property valuation expert, Tinsa, showed the turnover of property in resort areas including Mojacar has steadily risen over the past 12 months.

While figures showed that the market in some coastal areas was very active, other areas with large amounts of unsold newly-built housing stock, such as Roquetas del Mar, were more static.

Almerimar was the only town in the Poniente area of the province to show any signs of improvement.

National figures for Spain show the housing market to still be stagnating but the figures are diluted by cities such as Madrid and Valencia, where local people are struggling to get on the property ladder.

There has been much discussion on local community forums on how expatriates and UK property purchasers would be affected if the UK was to leave the EU.

Some people said they had chosen to rent before buying until they know the outcome of the referendum, while others remained unperturbed and continued with their plans.

Mojacar estate agent, Alex Lawson of New Wave Villas, told Euro Weekly News: “We saw a continued improvement in 2015 with a 33 per cent increase over 2014, with buyers from the UK taking advantage of a seven-year high exchange rate, combined with competitive property prices.” 

He went on: “The first few months of 2016 have seen this trend continue, despite a weakening pound.”

Recent data showed that around 40 per cent of property buyers were foreign with an emphasis on the second-home market.

While property prices have yet to reach those of the height of the boom around the start of the new millennium, prices in some areas have risen in accordance with increased demand.