Rob Horgan
THE time for Brits to buy a holiday home in Spain is now.
As markets favour the pound over the euro, the interest in buying abroad has gone through the roof.
Now, 48% more Britons are searching for property in Spain than this time a year ago.
“British borrowers are increasingly interested in Spain, the Balearics and the Canaries, where interest rates are around 3% and lenders expect a 30-40% deposit,” said Spanish property broker Simon Conn.
Currently, the average budget for a British buyer in Spain is €517,000, higher in Barcelona (€758,000) but lower in Lanzarote (€148,000).
In Andalucia, the average budget stands slightly above the nationwide average at around €550,000.
This is an early April Fool’s joke article is’nt it?
Te average british buyer is able to pay €517K and stump up a 30-40% deposit LOL – this reporter has been smoking too much wacky baccy and that’s for sure.
What a load of cobblers.
I have to say that the average buyer figure of €517k does sound like cloud cuckoo land stuff. Also, why would British buyers want to mess about getting a mortgage in Spain when it is easier and cheaper to remortgage their UK property? I’m afraid this is another article based on a feeble increase in sales figures and a heavy dose of wishful thinking.
A quite ridiculous story and diminishes the credibility of the publication.
It’s a fact that the number of Brits buying property in Spain rose to over seven thousand transactions in 2014. It’s hardly a Sherlock deduction to state that with the increased value of the pound, this figure will increase in 2015. The only ridiculous aspect is the usual ostrich gang here who are putting their heads in the sand and denying everything. Going to be great to see the figures continue to improve as 2015 progresses and this lot deny everything despite all the evidence.
@Squiddy, please show us evidence that the average budget is €550,000. Thought not, just like you couldn’t show the evidence of all the illegal builds in the UK. Yes, the property market is moving a bit in Spain, but the figures quoted in this article are nonsense. Luckily, readers are intelligent enough to see through your delusions lol.
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The plane has no ID nor branding.
7000 is not a lot when it includes all the Costas, the Balearics, Canaries. A flea on an elephants bum. Then a couple of thousand of those could be inheritances, at least!
The average Brit seems to be looking for bargains at around 75,000
@Liz, thanks. “http://www.urbandictionary.com/define.php?term=y%20in%20brackets”
Marion, you must be psychic. I have just found out that a house near my place in Spain has been sold to a Brit for just €72,000. This is a three bed/two bath detached villa with pool and sea views and it sold in 2005 for €240,000. It does need about €40,000 spending on it because it has been vandalised and burgled several times but even so, this is one hell of a drop in price. The previous owners (not Brits by the way) just walked away when they realised the house prices were going through the floor even though they could easily afford the mortgage payments.
Obviously this is a bank repossession but there are many more to come because all the banks are selling off their housing stock now. This will flood the market with cheap properties which will keep the prices very low for the foreseeable future.
I have lived in spain for 12 years yes the property is booming but even though the banks have got many repossessions but the prices are not that cheap.I have a 5 bedroom house in a small village near the ebro river well none for its catfish but cant sell. All the finca’s that go up for sale with the land and people think you can just build how wrong can you be.I love living in a village no trouble people very friendly not like the coast now is the time to buy with the euro being so good.