PROPERTY SEARCH

Date Published: 09/05/2022

ARCHIVED - Moroccans catch up to Britons for home purchases in Murcia

ARCHIVED ARTICLE

Brexit has had a big impact on the number of Brits buying holiday homes in the Region of Murcia

<span style='color:#780948'>ARCHIVED</span> - Moroccans catch up to Britons for home purchases in Murcia

Brexit has had an enormous impact on UK home buyers in the Region of Murcia, with some of them seeing Spain as a less attractive option given the restrictions of the 90-day rule, which states that non-EU citizens not resident in the country can only spend 90 days out of every 180 there unless they have a visa.

In fact, the percentage of properties purchased in Murcia by Britons last year fell to just 26% while Moroccans are marching up the ranks, buying 24.73% of all Murcian homes on the market.

There is another major difference in purchasing behaviour, according to the Registrars Association Yearbook, which points out that while UK buyers predominantly purchase holiday homes in the Region, Moroccans are more likely to search for a house they can live in permanently.

The change didn’t happen overnight, however: between 2015 and 2021, the number of second homes purchased by foreigners fell from 72% to just 47%, mainly due to the looming threat of Brexit, and the figure for last year is actually lower than in 2020, when far more travel restrictions were in place.

Other regions in Spain are following a similar trend, and the traditional expat hotspots of Valencia and the Canary Islands have also suffered a decline; on the flip side, the ever-popular Balearic Islands have managed to maintain 32% of sales to foreigners.

Over the years, British buyers have been responsible for as much as half of all property sales and purchases and other countries simply can’t make up the shortfall. Morocco is putting in a stellar effort, however, and house buyers from the African country have increased four-fold since 2015, when they barely accounted for 5.7% of the total market.

Belgium is the European country that has climbed the most positions, reaching third place among foreign buyers, although it remains a long way behind the United Kingdom and Morocco, given that it barely represents 7.2% overall. Germany is now in fourth place, with 4.3%, followed by the Netherlands (3.41%), France (2.70%), Ecuador (2.36%), Sweden (2.20%), Ireland (1.83%) and Romania (1.74%).

Also of interest: Tourist spending by Brits, Germans and French in Spain exceeds pre-pandemic levels

Image: Archive

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