Revealed: the hotspot for overseas property buyers
France has reclaimed the top spot for overseas property buyers, overtaking Spain with 53% of overseas mortgage enquiries, according to Conti.
The overseas mortgage specialist said that ideal buying conditions are drawing British investors back to the French property market.
French mortgage rates are at their lowest in decades and the country’s previously sluggish housing market is turning a corner at last, with reports of price increases and accelerating sales.
Prices generally remain well under UK averages, however, and with the pound regaining strength against the euro in recent weeks, it’s more affordable than ever to snap up a property across the Channel.
Clare Nessling, director at Conti, said: “Current market conditions in France are great for prospective buyers, with some excellent deals to be made. And there’s plenty of room for price negotiation with some very motivated vendors. The country is also very accessible, by air, train and car, and the culture is familiar, which British investors like.
“Buyers who have been deferring their plans as they waited for the market to improve are taking full advantage and making their move before they miss out on the best deals.”
Spain still popular
Spain, back down to second place, still accounted for an impressive 38% of enquiries in the first quarter of 2016. After a tough few years, the Spanish property market is on the up at last and British investors are regaining confidence and rediscovering their love for this country.
Portugal came in third place, with 9% of enquiries. According to a recent report from the Royal Institutional of Chartered Surveyors (RICS), Portugal is one of the economies leading the euro area recovery with sales and prices expected to continue rising at a steady pace over the medium term.