Despite the uncertainty surrounding Brexit and its implications for Brits living abroad, estate agents, real estate developers and property portals are all reporting strong interest in the Spanish property market, with enquiries already significantly up on last year.
Whilst Covid-19 is still casting a shadow of uncertainty over people's lives, the pandemic has pushed people to reassess how they might use a second home, and a trend towards longer stays in sunny climes combined with extended periods of remote working is emerging.
With vaccination now well underway across the globe, there is an air of cautious optimism surrounding the Spanish property market, with potential buyers making enquiries about homes both on the mainland and the Spanish islands.
The property portal thinkSPAIN has seen a 47% rise in buyer enquiries during the first five days of 2021 compared with 2020, with a 19% rise in UK/English language enquiries over the same period, following on from a 66% year-on-year increase in 2020.
Demand for new build properties also appears to be increasing with the real estate developer Taylor Wimpey España reporting "a flurry of enquiries from Britons interested in buying homes in Spain", citing a 30% increase in leads in the first week of January 2021 compared with the same period in 2020. In addition, it has said that website traffic from the UK is up 57% over the same timeframe, with its first sale of the year being made to a British buyer.
"We’ve seen buyers changing their expectations about how and when they plan to use their second homes," said Marc Pritchard, Sales and Marketing Director of Taylor Wimpey España. "The events of 2020 have accelerated the pace of those changes – and 2021 will likely do so further – but those shifts in usage had already begun. One key trend, for example, is that buyers are now looking to use their second homes to work from, as well as for leisure purposes."
As more people than ever have had to work remotely because of the coronavirus lockdown, many are now re-evaluating whether their 'remote' location has to be in the UK, or whether it could, in fact, be in one of Spain's sunny islands or coastal resorts. Remote working has opened many more people's eyes to the possibility of extended stays overseas. Those who own second homes in Spain can now genuinely consider the option of splitting their time between the UK and Spain, rather than using their holiday homes just for a few weeks in the summer.
“Immersing yourself into an area for months at a time rather than weeks provides a wholly different experience of it. This is what many second homeowners in Spain are now seeking – a greater connection with the country and its culture. Fewer trips mean fewer flights, as well, which is an increasingly important consideration for families seeking to reduce their carbon footprint. All of this is contributing to longer stays,” commented Pritchard.
