Spain remains the preferred choice for British property investors.
According to overseas mortgage specialists Conti, Spain accounted for 45% of enquiries received by the company in the second quarter of 2015. In comparison to the same period of 2014, the overall number of mortgage enquiries went up 8%.
Spain was followed by France and Portugal with 31% and 18% of enquiries received. In all three countries, investment has been boosted with the continuing strength of the pound against the Euro that currently hit a seven year high.
At present, a €200,000 holiday home costs £142,857, compared with £158,228 one year ago, a saving of £15,371 on just currency rates.
In the most desirable areas of Spain, prices have fallen by up to 50% since 2007. However, figures from Eurostat, the statistical office of the European Union indicate that property prices in Spain were up by 1.6% year-on-year in the first quarter of 2015.
‘With the strong pound encouraging buyers’ budgets, a little slice of life overseas is proving to be even more tempting, especially when you compare the cost with overheated parts of the UK market,’ commented Claire Nessling, director at Conti.
‘Record low borrowing rates and bargain prices are also luring investors to overseas property markets, with a sizeable shift in interest for Spain in particular over the last six months,’ Nessling added.
Source: – Economic Voice