Last year, Conti, an overseas mortgage specialist, saw mortgage enquiries for properties in Spain account for 46% of all enquiries received.
Despite the property market in Spain crumbling during the financial crisis, these figures clearly show that Spain remains the top destination for Brits buying overseas property. The Spanish property market looks to be turning a corner, with buyers showing a new optimism as a result. And with property prices at a low, more people are looking towards long-term investment options and are buying up rather renting.
The figures also show that one in five properties bought in Spain by a foreigner were bought by Brits. So why is Spain still the most popular option? Aside from the enviable climate, beautiful beaches and relaxed way of life, Spain is currently seeing some of the lowest mortgage rates in over 60 years, making it a top choice for buyers. Plus, with the growing value of the pound it’s now much easier for Brits to snap up a property in Spain.
And, they’re spending more – British buyers spent an average of €314,000 on properties in Spain in 2015, compared to an average of €250,000 in the previous year.
Kingsley Hamilton Estates have a number of luxury properties in the Costa del Sol, in partnership with Overseas Dreams. To find out more, send us an email at email@example.com or call our expert team on +44 (0)20 7078 0214.