Spain reigns supreme for Britons buying abroad

Spain reigns supreme for Britons buying abroad

Spain soars ahead with 46% of overseas mortgage enquiries in 2015.

Spain remains the top choice for Britons buying property abroad, according to Conti, the overseas mortgage specialist. The country accounted for just under half (46 per cent) of enquiries received by the company during 2015, despite France stealing a march on its lead during the second half of the year.

Spain’s property market crumbled at the height of the financial crisis, sending property prices spiralling. But after years of the market being depressed, it’s starting to pick up, with Knight Frank reporting a rise of 1.2 per cent in Spanish property prices from the third quarter of 2014 to the third quarter of 2015. And this is leading to renewed optimism among potential buyers.

The gap is narrowing, however, with France showing a strong performance in the fourth quarter of the year, when it accounted for 44 per cent of enquires compared with Spain’s 42 per cent. Over the course of 2015, however, it took a 34 per cent share, so is still playing second fiddle to its biggest rival over the longer term. A sluggish market, the growing value of the pound against the euro and the lowest mortgage rates in more than 60 years are making it affordable than ever to snap up a property across the Channel. And buyers are taking full advantage.

Maintaining third place in the hot spots list is Portugal, achieving a 15 per cent share of enquiries during 2015, up from 11 per cent in 2014. Property prices are on the up again at last, but are still generally below pre-recession levels, so investors, feeling more confident about the future and buoyed by the growing strength of sterling, are coming back to the market.


Clare Nessling, director at Conti, says: “It’s great to see the old favourites topping the list of overseas property hotspots. It wasn’t so long ago that the Spanish market was shrouded in doom and gloom, but the market has turned the corner at last and excellent buying conditions are luring investors back. We’re also seeing buyer’s markets in France and Portugal, and there’s been a general lift in confidence among buyers who are returning to these traditional markets in their droves.   

“Bargain prices and historically low mortgage rates are making it more affordable than ever to snap up a property in all three countries, but the biggest boost to buyers’ budgets has been the growing strength of the pound, providing them with more buying power and more pounds in the pot. Long may it continue.”

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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property guru
property guru 11 Jul 2016

Surprise suprise

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CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

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Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

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DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

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DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

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DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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