Newly built home on the Costa Blanca most popular

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Exactly 4,108 Belgians bought a Spanish casa last year. For comparison: In the past year, 1,757 Dutch people have become owners of a property in Spain. This last figure is a big plus of ten percent compared to 2017. Moreover, the Belgian is more than ever addicted to new construction: in no less than one in three cases it is a new construction project. Especially the Costa Blanca is loved by both Belgians and Dutch, given the number of transactions.

The Belgian rush on Spanish real estate has reached an impressive high point: last year the Belgians bought a home in Spain every two hours and eight minutes on average. This brought the total to no less than 4,108 purchases by compatriots, a number that is now more than seven times higher than 10 years ago, when there were only 540. This is evident from the new annual analysis by Azull, which examined the official figures from the Spanish registration offices.

Certainly remarkable is that the Belgians are number one when it comes to the purchase of a new-build home in 2018. One in three purchases by a Belgian is – or is part of – a new-build project, good for 1,349 homes. Even the British, who last year bought more than twice as many Spanish properties than our countrymen, “only” bought 1,307 new-build properties. We see the Dutch again in eleventh place with the purchase of a total of 349 new-build homes.

Many Belgians don’t want the typical rustic Spanish casa. They prefer their second stay to be sleek and modern. And then you almost automatically end up with new construction. You can see that, for example, in the size of the windows. A Spaniard wants it to be as small as possible to keep the heat out. But the Belgian finds it more important to have a nice, open view to the outside.

It is clearly not only about studios or small apartments. Belgians like it big: 33.1 percent of the houses were larger than 100 square meters. Only on this point do the Dutch surpass the Belgians: 43.95 percent of the houses were larger than 100 square meters, despite the fact that prices continue to rise in Spain. In 2018 there is an average price increase of 8.22 percent compared to 2017.

Costa Blanca increasingly popular
Both the Belgians and the Dutch go to the Costa Blanca, which accounts for 31.5 percent and 35.9 percent of the homes sold, making it by far the most popular area. The Costa del Sol then follows with 18.0 percent and 27.5 percent respectively. The Balearic Islands, the island group with Mallorca and Ibiza, are the least good in the market, where only 59 transactions took place last year for Belgians and 98 for Dutch people. The Dutch are not interested in the Canary Islands, where the Belgians still jointly accounted for up to 18.5 percent of the total number of real estate transactions.

To go on holiday, the Costa del Sol remains the most popular with Belgians. But for the purchase of their second home, the Costa Blanca comes first. This is largely due to higher prices. For a fairly modest new-build villa you pay 450,000 euros on the Costa del Sol for comparison, while you only need 350,000 euros for an equivalent property on the Costa Blanca. Every month we come across a Belgian who wants to buy on the Costa del Sol, but ultimately opts for the Costa Blanca.

Fact overview
The number of purchases by foreigners in 2018 is 65,308. That is an increase of 7.3 percent compared to 2017. Of the houses that change ownership, 87.8 percent were purchased by people and 12.2 percent by entities.

Purchase of Spanish new homes 2018 with foreign nationality top 5

1,349 transactions Belgians
1,307 British transactions
783 transactions Germans
773 transactions Sweden
527 transactions Italians
We see the Dutch again in eleventh place with 349 purchases.

Mortgage on Spanish property in 2018
Of all foreigners, 38.1 % took out a Spanish mortgage to finance the property.
The average mortgage amount for Belgians was 121,128 euros and for the Dutch it was 172,185 euros.

Article copied from Mondi

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11-05-2019|Categories: News|

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