Despite the recession and wider Eurozone crisis, the Spanish property market is growing increasingly popular with Brits looking to buy a property abroad.
Conti, the overseas mortgage specialist, report that they have seen a 33% rise in Spanish mortgage enquiries over May and June, as more Britons seek to take advantage of significant property price reductions across the country.
Spanish property prices have plummeted in recent years, with the latest monthly house price index from appraisal firm Tinsa showing that the average price of home in Spain fell by 10.8% year-on-year in June.
“Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it’s most certainly a buyer’s market,” said Clare Nessling, director at Conti.
The Costa Blanca, in particular, is proving extremely popular with British buyers, according to estate agents HomeEspaña. The company report that Brits accounted for 44.9% of sales made this year to date, spending an average €123,147 (£96,911) on a property.
Richard Way of the Overseas Guides Company commented: “Spain might be on the brink of requesting a bailout but it would seem the country is firmly back in favour with British buyers, especially in the Costa Blanca.”
He added: “The increase in the strength of the pound this year and availability of heavily discounted properties will have encouraged many British buyers who had been waiting for the optimum time to buy to take action.”