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Spanish property market: British buyers still buying

There is good news for the Spanish property market as Brits show they will not be put off from buying abroad even in times of crisis.

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According to the Quarterly Index recently published by The Overseas Guides Company (OGC) more than 79% of potential British buyers have not been deterred from buying overseas despite the current economic crisis.

In fact the combination of low prices and falling exchange rates has actually caused a surge in the number of British people looking to buy in the Eurozone with a quarter-on-quarter increase in the number of enquiries this year.

Spain in particular continues to be a favourite location for a second home in the sun with a steady increase in popularity throughout the year.

According to OGC, enquiries for property in Spain increased from 16% in the first quarter to 22% in quarter 2, and ended the third quarter of the year at 24%, with August being an especially strong month.

Overall for the year, Spain’s share of enquiries was 21%, just one behind leader France.

“Let’s not forget, the euro was at a four-year low against Sterling by the end of July this year – no doubt a contributing factor to the especially busy August,” explained Richard Way, Editor of the OGC.

“Combine that with the knock-down prices, which families would have seen first-hand during their summer holiday in many destinations, and you can see where the interest has come from,” he added.

By Adam Neale | Property News | November 23rd, 2012

Spanish property market: British buyers still buying

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