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More Brits want to invest in sunny Spain
26th October 2007
Some 43 per cent of UK adults would like to buy a home in the sun, and almost half would want it in Spain, according to the recent research findings of Yorkshire Bank.
A poor summer is believed to have contributed to increasing numbers of Brits considering purchasing property abroad and 45 per cent of those who would like to buy cite Spain as their favoured destination.
Such findings hold no surprise for Paul Smith, Director of Club La Costa's real estate division in Spain, CLC Estates. "The guarantee of sunny weather, along with a relaxed lifestyle and lower cost of living, has been an important part of Spain's appeal and continues to be," he said.
At 66 per cent, weather was the most quoted reason for wanting to buy overseas, while 32 per cent said they saw it as a long-term investment and almost as many (31 per cent) sought a retirement home abroad.
And despite media reports of price falls in some Spanish cities, property prices are increasing albeit it at steadier levels. Property portal Kyero.com found Spanish prices had risen by 1.4 per cent in September.
And while the popularity of Spain with Brits continues to rise, the belief that buy-to-let is a good investment is a major factor in its popularity as a place to buy.
As the Yorkshire Bank survey indicated, a third of Brits now view overseas property as a long-term rather than a short-term financial investment.
An attitude backed by Off Plan International, which says of the Spanish market that rather than for a quick return, people are now buying with a "more educated" approach.
Club La Costa, with several sell-out real estate developments on the Costa del Sol, is poised to start work on a development of 215 luxury apartments and hotel, with a super-sized spa and on site commercial centre, with interest shown by would-be homebuyers before a single brick has been laid.
"We already have a waiting list of clients interested in investing in the new apartments at our California Beach Hotel which is due to open in 2009," said Smith of CLC Estates. "Despite press reports of a stabilisation in property sales on the Costa del Sol, sales have been particularly buoyant this year. I think many people who have toyed with the idea of investing in emerging markets have come full circle and realise Spain is very hard to beat."
Some 800,000 Brits are said to own property abroad and in Spain the Costa del Sol and Costa Blanca are first choice locations. Steve Reid, a director of Yorkshire Bank, says buying a house, let alone one in a foreign country, can be a challenging business. "Despite this, Brits are still convinced that owning a property in Spain is a financial decision worth pursuing."
Club La Costa's real estate division is happy to talk you through the process of buying abroad and issues a free Buyer's Guide. Visit www.clcestates.com or email info@clcestates.com.
For more information about CLC Estates visit www.clcestates.com
For more information on Club La Costa visit www.clublacosta.com
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