Spain makes return as top location for holiday home
The number of Brits looking to purchase a holiday home in Spain fell dramatically after the crash of 2008, but a strengthening currency and a solid UK economy is making a holiday home appear more affordable than in recent years.
With the price of UK homes rocketing up, many homeowners have discovered they have enough equity to invest in an overseas holiday home, especially while mortgage financing is cheap.
Clare Nessling, an overseas mortgage specialist, says: “Spain remains top of the list for British buyers, accounting for roughly half of our enquiries. The Costa Blanca is the number one destination for Spanish sunseekers, followed by the Costa del Sol, Balearic Islands, such as Majorca, and the Canaries."
"The Spanish property market is on the up again after a tough few years and British investors are rediscovering their love for this beautiful country.”
Close behind Spain in second place is France, with Portugal, Turkey and Italy rounding out the top five most popular destinations at the moment. UK buyers are regularly focussing on property with a communal pool, rather than the more traditional villas that are more expensive to maintain.
One of the hottest locations in 2016 is the island of Majorca, where property prices seem to have hit a trough - but beware; UK buyers can often run into difficulties in the more popular areas of Spain such as the costas. It is always advisable to find an independent legal specialist that speaks good English and has no relationship with the seller or property developer.
Another important consideration should be around currency exchange rate fluctuations - a €250,000 property would have cost £195, 313 in January of this year, compared to just £185,185 in June, making a massive saving of £10,128.
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