Spain replaces France as best place to buy a property
You might think it is all about the baguettes, runny cheese and frogs’ legs, but Spain’s sun, sea, sand – and low house prices – are attracting most British buyers at the moment.
According to the Overseas Guides Company (OGC), a one-stop shop for advice on buying abroad, Spain has just overtaken France as the favourite property destination abroad.
While France was still leading at the start of 2012, interest in buying property in Brittany or Normandy has since fallen – while that in Spain’s has grown.
One in five enquiries for the second quarter of the year came for the country of paella, siestas and flamenco, with a 37% increase from the first quarter.
The OGC says the change is partly down to Spain’s falling house prices, with many buyers realising they can get more for their money on the Costa del Sol, Costa Brava or Costa Blanca than they can in France.
Indeed, the first quarter of 2012 saw a 13% decrease in house prices in Spain compared to the previous year, with some predicting a 20% fall by the end of the year.
“Clearly there has been a surge in interest in the last few months,” said OGC editor Richard Way, who reported a 20% rise in British clients in some parts of Spain.
Way said Spain’s sought-after coastal regions are ‘ahead of the curve’ in terms of falling prices and that a strong pound is also luring buyers back into the market.
Brits’ third, fourth and fifth favourite places to buy property abroad are the USA, Portugal and Italy in that order.
By Eloise Horsfield | Property News | August 3rd, 2012