Spain currently accounts for around a third of Conti’s enquiries, up from just 14 per cent back in 2008, thanks to historically low interest rates and bargain property prices.
So when I saw these reasons to buy in Spain from A Place In The Sun, I felt I had to share them.
1. Everyone still wants to visit Spain. Between January and October 2012, 52 million tourists went there - a 3 per cent rise on the same period in 2011.
2. Plenty of people still want to buy there. Brits are leading the way (30 per cent), according to the Ministry of Public Works, but Russian, Scandinavian and Benelux buyers are also major purchasers according to Knight Frank.
3. Proposals by the Spanish government to offer residency rights to non-EU buyers who spend more than 160,000 euros will be positive for the market if it goes through in 2013, according to Barbara Wood of The Property Finders.
4. It’s also easier to get there. New flights include new British Airways routes to Alicante, Barcelona, Palma and the Canaries; whilst Monarch are now flying from East Midlands Airport as well as new routes to Ibiza and the Canaries.
5. There are many reasons why it’s nice to live there: superb climate, great beaches, affordable dining out, the best football in Europe…
6. You can now reach Barcelona and that fine football by a new fast train from London. The new link-up will reduce the journey time by 1.25 hours and make the Costa Brava easier to reach too.
7. Properties are cheaper than they have been since 2002. You can get an apartment for under 50,000 euros and a villa with change from 100,000.
8. You can get a bargain ski property. Spanish ski property is down by 50 per cent. Tapas on the piste? What could be better.
9. The overseas market is growing. There have been five straight quarters of growth, in contrast with the domestic market which is stalling.
10. New-build properties in prime locations are selling. Whilst Taylor Wimpey Espana have sold 60 per cent of two of their new developments offplan, Savills sold the same of a new apartment block in Ibiza Town.
As ever, of course, it’s important to choose carefully. It’s most certainly a buyer’s market, but there’s nothing to be gained, and everything to lose by cutting corners and failing to carry out due diligence.
