UK buyers have always favoured France when investing in international property, but Spain is swiftly closing the gap. According to mortgage specialist Conti , 36 per cent of all enquiries received so far this year have been for Spain, growing by three per cent on the same time last year. Conversely, while French property made up 43 per cent of enquiries, numbers actually declined by two per cent.
In fact, Spain accounted for more enquiries than France during May, June and July, demonstrating that the market remains a popular one and confidence is rising. Things are certainly starting to look up for the country's real estate sector and prices have started to bottom out in certain parts if the country. Seemingly, Spain is now on the slow climb to recovery and savvy buyers know that now is the time to snap up property while it remains in low value territory.
Indeed, Conti notes that investors are in a strong position when it comes to Spanish property due to the number of homes available and the chance of negotiating even lower prices with motivated vendors. There's also cheap and easy access to the country from the UK and rental opportunities are good.
Of course there are still some barriers in the market - namely a lack of finance. Mortgage availability is weak in Spain, but for those with a healthy deposit to put down, there are still plenty of banks willing to do business. While cash is still king at the moment, it is possible to borrow up to 65 per cent of the value of a property and rates start from just 3.23 per cent.
Commenting on the findings, Clare Nessling, director at Conti , said: "Prospective buyers are still playing it safe when it comes to location, with France and Spain still out on their own in terms of popularity. And there may actually never be a better time to buy as bargain property prices, historically low mortgage rates, good rental yields and a stronger pound are all making it more affordable for British buyers right now."
Article by +https://plus.google.com/113107350172679406191?rel=author on behalf of Propertyshowrooms.com
In fact, Spain accounted for more enquiries than France during May, June and July, demonstrating that the market remains a popular one and confidence is rising. Things are certainly starting to look up for the country's real estate sector and prices have started to bottom out in certain parts if the country. Seemingly, Spain is now on the slow climb to recovery and savvy buyers know that now is the time to snap up property while it remains in low value territory.
Indeed, Conti notes that investors are in a strong position when it comes to Spanish property due to the number of homes available and the chance of negotiating even lower prices with motivated vendors. There's also cheap and easy access to the country from the UK and rental opportunities are good.
Of course there are still some barriers in the market - namely a lack of finance. Mortgage availability is weak in Spain, but for those with a healthy deposit to put down, there are still plenty of banks willing to do business. While cash is still king at the moment, it is possible to borrow up to 65 per cent of the value of a property and rates start from just 3.23 per cent.
Commenting on the findings, Clare Nessling, director at Conti , said: "Prospective buyers are still playing it safe when it comes to location, with France and Spain still out on their own in terms of popularity. And there may actually never be a better time to buy as bargain property prices, historically low mortgage rates, good rental yields and a stronger pound are all making it more affordable for British buyers right now."
Article by +https://plus.google.com/113107350172679406191?rel=author on behalf of Propertyshowrooms.com