British buyers no longer dominate foreign spending on property in Spain after Brexit brought about a 17% reduction in enquiries year-on-year, a report from property portal Kyero shows.
UK buyers accounted for 12.54% of foreign buyers in Spain, with purchases rising by 8% since 2019.
However Germany is now close behind with a 12.43% share following a dramatic surge of 211% more purchases since 2019.
After Germany comes the Netherlands (8.02%), as there’s been an 81% surge in Dutch spending over the same period.
Martin Dell, co-founder of Kyero, said: “Whilst Brexit does appear to have suppressed enquiries from the UK, British interest in Spanish property remains high and there is still a large number of British people already in Spain looking to move, or perhaps looking to buy a holiday home in the country.
“At the same time, we’re seeing a significant growth in interest in Spanish property from other nationalities, particularly German and Dutch buyers, and it’s likely that German buyers will overtake the British to become the highest spenders in the coming year, particularly as German budgets tend to be higher.”
In 2022, the average property price for German enquiries was €218,000 – the highest of all nationalities – compared to €165,000 for English enquiries.
Meanwhile Dutch buyer enquiries related to an average asking price of €177,000; Danish, €190,000 and Norwegian, €189,000.
