Searches for Spanish property at record high?

I have just been reading a positive article in the telegraph.co.uk that claims that the amount of enquiries for Spain are up quite drastically from last year. A good sign! I should just point out though that ‘interest’ does not equate to sales and has the figures are given in percentages, they do not give a clear indication of how many individuals are actually looking at buying in Spain. From my point of view the demand for Costa del Sol property from the British market has picked up slightly, but remains weak due to exchange rates and other financial considerations.

According to research from property website Primelocation, internet searches in Britain for property abroad are at a record high, up over 100 per cent from this time last year.

Data from the company’s international search index shows that searches for property in Spain increased the most. Last month, there was a 151 per cent increase in searches compared to June 2009, and the country accounted for nearly a third of searches overall.

Despite a potential rise in capital gains tax and a precarious economic situation in southern Europe, investors appear to be taking a long term view on the market, while hoping, in the short term, to take advantage of a weaker euro.

Ann Wright, International Development Manager of Primelocation International, said: “While the market in Spain has suffered from some bad publicity recently, there has been no significant drop in the number of people searching for property in the country on Primelocation International.

“The fact remains that there are many reasons why the country remains attractive to British buyers. Spain’s main attractions are still the warm climate, great beaches and unique culture all just a short flight from the UK; these factors will still draw in international buyers whatever the economic situation.

“It is also worth remembering that, while most of the problems experienced in recent years have centred on the Costas, there is far more to the Spain than just the southern coast.”

Following Spain came France, the U.S, Portugal and Italy. Searches for property in the U.S increased by nearly 200 per cent on last year’s figures.

The upturn in international property searching contrasts sharply with the volatility experienced during the banking crisis in the late summer of 2007 when searches fell by 38.5 per cent between July and August.

Primelocation also revealed a third of all those considering buying property abroad are looking to emigrate permanently. By contrast, only 23.7 per cent of the 1,500 investors questioned were looking for an overseas holiday home and only 12.4 per cent were searching for an investment property. A further 15.3 per cent were foreign buyers looking to purchase a UK property.

Source: Telegraph

Leave a Reply