Spain tops property searches

At least according to an article on OPP. Leading up to May, Rightmove (leading British property portal) claims that of the 10 searches that have increased the most 50% were for Spanish property locations. Key interest was in Minorca up 9.06%, Marbella up 6.68%, Galicia up 5.96%, Northern Spain up 5.22%, and the Balearic Islands up +3.65%.

According to Robin Wilson, Head of Overseas properties at Rightmove:

“It’s always hard to let go of what your property was worth at the peak of at the market and accept times have changed, but vendors also seem more open and have much improved realism about prices necessary to make transactions happen. The improving Euro exchange rate is definitely playing a part, up 10% on January this year and 20% on January last year, meaning buyer’s budgets can go further.”

Furthermore, according to the article, MoneyCorp (currency exchange) have also seen an increase in enquiries for Spanish properties during March and May. Understandable as the British Pound has been gaining ground against the Euro with all the fretting over the state of European economies including of course Spain. The increase in the sterling/euro exchange rate would have made properties within the euro zone an increasingly more attractive prospect for euro buyers, and explains the surge in interest in Spain. Of course the exchange rate has not return to the heady days of early 2000s, but it is substantially better now than it has been over the last two years or so.

Regards
Andrew Bellés

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