subject: Spanish Homes Still Top Of The British List [print this page] It's been a tough few years for the Spanish property market, but some relief to its woes may be soon to appear.
Spain is still the most popular location for British buyers looking to buy property abroad. While there is also an increasing interest in wealthy Russians seeking to buy some place in the sun.
A joint study by Gordon Rock estate agents and Lowel Finance mortgage brokers, shows that along with, Turkey, and the USA, Spanish properties are being pursued by well of Russian. The report shows that the greatest demand is for Spanish appeasements at 150,000 and Spanish and Costa Del Sol villas at 300,000.
Also, a relieving sound to the property market's ears is the news that a third of the Brits looking to buy abroad are looking towards Spain. Research has shown that the number of Brits wanting to buy property abroad has doubled since last year.
On many property web sites searches for Spanish houses in June 2010, find a marked increase of 151 per cent over last year's figures. Spain accounts for a third of British searches with France, the US, Portugal and Turkey trailing behind.
A third of these searchers are looking to emigrate permanently to Spain while the other two thirds are looking for a property as a holiday home and possible vacation rental.
Despite an impending capital gains tax increase and a trouble economy in Southern Spain, many investors seem to be looking at the long term benefits to a Spanish property. As the Euro weakens against the pound Spain becomes a much more attractive to buyers, as Spain's tourist industry rebuilds as the weaker Euro bring tourists back to Spain.
International Development manager for property website Primelocation, Ann Wright remarked about the persevering appeal of Spain: The fact remains that there are many reasons why the country remains attractive to British buyers. Spains main attractions are still the warm climate, great beaches and unique culture all just a short flight from the UK; these factors will still draw in international buyers whatever the economic situation.
As well as Costa del Sol villas, customers are also traveling north from Southern Spain as they come to consider other regions, It is also worth remembering that, while most of the problems experienced in recent years have centred on the Costas, there is far more to the Spain than just the southern coast. Ann Wright commented.
The rejuvenated interest in Spanish property comes after a three year slump, affected by the poor Spanish economy, severe overbuilding, and a lack in mortgage liquidity and diminishing property value. With this rejuvenated things could be set to improve.
Meanwhile the Spanish short term rental market is doing exceedingly well, as Spanish holiday values constitute a third of British searches. This is an appealing prospect to those looking to let their property as a vacation rental to help cover the mortgage.
