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Spain still number one destination for Brits buying abroad
Despite recent reports of a potential Spanish property market crash and figures marking an overall slow down in some areas of the country particularly the Costas, the latest Global Property Hotspots Report shows that Spain still remains the top destination for Brits buying overseas property with 27% of all enquiries relating to Brits buying in Spain. In light of these market conditions, estate agents are urging Brits considering purchasing Spanish property, or those who already own a property in the country, to be aware of how the Spanish market is changing and how this can best be used to their advantage.
While some areas of the Spanish Costas are certainly cooling and seeing market corrections due to over supply, at the same time, less traditional inland regions are becoming more popular with savvy buyers. Sellers and buyers are being more realistic about the prospects in the Spanish real estate market, holiday home buyers and investors, will have to look for value rather than creating it artificially.
Cut through the current hype and think carefully about the property you are buying in order to make the most of the current market conditions. Only certain areas are suffering a slump due to over supply, whilst others still have much to offer.
For holiday home hunters, the oversupply in some Spanish markets can lead to real bargains as property sticks and investors look to extract themselves. If you are buying a holiday home in Spain, don’t be put off by the recent reporting of a potential crash. All markets go through corrections and as long as you are looking at your holiday home as a long term investment (5-10 years) you can still buy with confidence, if you buy wisely.
An abundance of low cost airline routes, a two hour flight time and the great weather means that Spain will always be a favourite with British buyers.
Even for those looking for capital growth in the short term there are plenty of opportunities to be had.
Visit our website to see a great selection of bargain properties.