Spain’s costas are once again hot property for Britain’s second home buyers, according to a recent article in The Times. All indicators point to a resurgence of British property buyers on Spain’s coasts.
Prices at their lowest ever level combined with one of the worst winters on record in the UK have led to renewed interest from families looking to escape the grey. And the relatively low sterling-euro exchange rate appears not to be a deterrent.
The report is confirmed by experts in the industry both in the UK and in Spain. Spanish property was the most popular search on Primelocation.com between February 2009 and 2010, accounting for 32% of total overseas property searches. Rightmove overseas recorded an overall rise of 60% in overseas property searches when compared with March last year.
Many Brits are returning to buy property in Spain for lifestyle reasons. It is an additional incentive that prices are now affordable with reduced property at a level where the purchase can also be for investment over the longer term.
And it is no surprise the British are returning. Southern Spain was rated in the Top 10 places to live abroad by Knight Frank Estate Agents. A recent article in the Daily Telegraph explored the best places to live in the world, with Southern Spain featuring high in the list.
According to a recent article by the OPP, Marbella has seen a resurge of foreign lifestyle buyers. “Total property sales in the city have risen to their highest level in four years, research from the tax office shows”.
Source: The Times, Daily Telegraph, OPP