Spain still the hotspot for buying abroad
Spain is still top of the list of overseas property hotspots, according to specialist overseas mortgage adviser Conti.
The country accounted for a huge 40% of all overseas mortgage enquiries received by the company over the last three months, and almost half of those received since the start of the year.
Clare Nessling, director at Conti, says: “There’s no doubt that Spain’s appeal was tarnished following the property crash which saw prices in some of the most desirable areas fall by up to 50%. But, following a nightmarish few years, the property market is on the up at last and British investors are regaining confidence in real estate and rediscovering their love for the sights and sounds of this beautiful country.”
The second most popular destination for Britons looking to buy abroad is France, which accounted for a third of all enquiries over the year so far.
Nessling added: “Although the French property market has remained a lot more steady than Spain’s, many investors have been holding off on their purchasing plans to see what happens with property prices in France, which are now expected to stabilise and then begin a slow increase. This is good news for anyone thinking of entering the market now.”
In third position is Portugal, where more positive economic news and attractive property prices have boosted investors’ confidence leading to a increase in the number of interested buyers. Over the third quarter of 2015 the country accounted for almost a fifth (19%) of enquiries.
According to Conti, it’s a good time to consider buying in all three locations, with the strong pound shedding tens of thousands of pounds off property prices. A €200,000 property, for example, is now almost £14,000 cheaper than it was this time last year, and around £20,000 cheaper than 18 months ago, showing just how much difference the currency markets can make.
However, you should always go through the same thorough process you would follow if you were buying a property in the UK. This means taking independent advice from an English-speaking lawyer who is not connected to your seller, estate agent or property developer.