British bureaucrats buying homes in Spain give Costa Blanca market a lift

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Costa Blanca property rebounds thanks to British civil servants
Costa Blanca property rebounds thanks to British civil servants

“The developers of Alicante are starting to see the light at the end of the tunnel,” says Jesualdo Ros, head of the Alicante developers’ association Provia, quoted in the Spanish news website La Verdad. According to Provia sales improved substantially in March and April, with demand led by British public-sector workers.

Sales in March and April rebounded, claims Ros, mainly thanks to demand from “clients with better budgets and ability to pay, even without having to request a mortgage.”

“There is a strong movement, with notable signs of a market rebound, after a terrible January and February,” says Ros, who explains that the jump in sales has not yet shown up in the official figures. “Sales are still not yet where we would like them to be, but the progress of the market in March and April is a great relief, not a bit to do with the fall in Euribor and property prices, making us see light at the end of the tunnel.”

Some of the developers belonging to Provia are said to be selling dozens of properties, especially those offering holiday homes. To the surprise of developers, who were hoping that German buyers would come back in force but haven’t, demand is being led by the British, and in particular by those with jobs in the public sector.

Perhaps this shouldn’t come as too much of a surprise. Despite all the problems, many Britons still dream of living all or part of the year in Spain, and those with guaranteed jobs and gilt-edged pensions these days are public sector workers (paid for by the private sector). If anyone has security of income to splash out on a pad in Spain, it is them.

All claims by Provia. No independent verification.

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