The UK based agency Conti has reported that Spain has surged back into first place in enquiries from the UK over the last three months with over 43% of overseas property enquiries being for the country. The shift is even more pronounced over the last six weeks with enquiries continuing to rise from an already high level.
There are various factors attracting UK buyers into the Spanish market.
- The rising pound which this week touched 1.20 against the Euro.
- Tourism in Spain is booming meaning people are looking at buying to let.
- Prices have dropped by an average of 40% since the market peaked and there are bargains to be had at 50% or more discount from the top prices.
- Mortgages are being offered on bank repossession properties at attractive rates.
- Access is easy and people appreciate Spanish culture, gastronomy and the general feel of the country.
Foreign investment levels grew by 13% compared with the same period last year and transaction totals are now the highest for foreign buyers since the bygone days of 2004.
However there are still issues in the Spanish market. There is a large oversupply of what could be generously termed “rubbish”: wrong location, badly built and of questionable legal nature. Therefore you should always contract independent legal advice. If you do then you should have no problems finding a bargain property that gives you either a great place to live or a fantastic holiday property.
Contact us for more information and to get some expert advice about your move to Spain.
Written by the SPN.