Overseas buyers choosing Spain for properties

RECORD borrowing rates and bargain prices luring investors

SPAIN is the top choice for Britons buying property away from home, Conti overseas mortgage specialist has confirmed. Just under half of enquiries the company received in the second quarter of this year were regarding Spanish property, consolidating the performance registered in the first quarter and signalling a strong comeback from recent economic problems, Conti said.

Prices which have fallen by up to 50 per cent since 2007 and the growing strength of the pound against the euro has meant buyers from the UK are saving thousands of pounds on purchases. Conti director Clare Nessling said: “With the pound boosting buyers’ budgets, a slice of life overseas is becoming even more tempting, especially when compared to costs in the UK.

Record borrowing rates and bargain prices are also luring investors overseas, with a big shift in interest towards Spain over the last six months.” German luxury property sales experts Engels & Völkers also reported increased interest in Spanish property from buyers from the UK, Germany, Scandinavia, Belgium, France and Russia in particular. The areas that attracted the most interest were reported to be the Costa del Sol, Costa Blanca, Balearic Islands and large cities.