Brits rekindle love affair with Spanish property
Research by overseas property experts Conti found that the Costa Blanca – the stretch of coastline in south eastern Spain – saw the most enquiries from Brits moving overseas.
The firm said 27% of all Spanish mortgage enquiries in the last three years were for properties located in this area. The majority of buyers were looking for homes in Alicante, although other towns in the area were also popular.
In total, Spain accounted for 45% of all foreign mortgage enquiries during the second quarter of 2015.
Some 23% of would-be Spanish buyers were looking towards the Costa del Sol – home to miles of beaches, golf courses and other amenities aimed at the British expat community, particularly the town of Marbella.
The Balearic Islands accounted for 18% of property purchases, home to Ibiza and popular nightlife hotspots as well as quieter villages.
Other popular Spanish locations included the Canary Islands and Lanzarote, the firm said.
Clare Nessling, director at Conti, said buyers from Britain were starting to return to the Spanish market following a turbulent period.
“Following a very tough few years, the Spanish property market is on the up again at last and British investors are rediscovering their love for this beautiful country,” she said.
“Although prices have generally still to come back up to their pre-2008 levels, recent reports suggest that the property market is experiencing a widespread recovery and this is leading to increased confidence among investors.
“Combine this with the growing strength of the pound against the euro, which recently hit a seven and a half year high, and you can see why buyers are returning in their droves.”