You are here: Home - Mortgages - Buy To Let - News -

France and Spain top overseas markets

Written by:
Demand increases for property in traditional hotspots

The British are displaying a healthy appetite for buying overseas property, and are increasingly attracted to traditional favourites, with France and Spain topping the list.

Rightmove Overseas reported a record 5.4 million searches for overseas property in March alone.

Spain accounted for a quarter of its searches, with Andalucia and the Costa del Sol the main areas of interest. France was in second place with 17.8% of searches, with regions Aquitaine and Languedoc-Roussillon topping the list.

Meanwhile, according to the Overseas Guides Company (OGC), demand for information about buying property overseas was dominated by enquiries about France (24%) and Spain (22%) in the first quarter of the year.

In a similar vein Conti, the overseas mortgage specialist, reports France currently accounting for 45% of its enquiries, up by 30% since 2008, and Spain accounting for 33%, up by nearly 20% since 2008.

According to Shameem Golamy from Rightmove Overseas, confidence is definitely picking up:

“Those who can afford to buy have been holding off, but a combination of factors, which you could almost refer to as the ‘perfect storm’, has really kick-started a renewed interest in overseas property,” he said.

“The weather over the last year has been particularly bad, and that always prompts people to start making their dreams of owning a property overseas a reality. Property prices are good, and interest rates are pretty low, which are making it more affordable. And there’s a generation of people coming up to retirement, many of whom are fed up with endless negative news reports (and bad weather) and are making plans to move abroad.”

OGC editor Richard Way added: “There’s been a noticeable resurgence in interest in European destinations so far this year. Despite the financial constraints of the last few years, the Brits’ appetite for property investment overseas remains steadfast and despite the lure of financially appealing investments from every corner of the globe, it is the old favourites of France and Spain that continue to appeal, especially with the deals available today.”

The rise in interest levels in overseas property overall and in France and Spain in particular is attributed to a range of elements, including bargain property prices, attractive rental yields, easy access and low interest rates.

BuyAssociation has compiled a Homes Abroad Report, containing analysis of the overseas housing markets and including comment from leading industry experts.

Click here to access the report in full.

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week