Spain back as number one location for overseas buyers

Torrox Vista Petanca Club announces winners of most recent competitions. Image: Torrox Vista Petanca Club

SPAIN has reclaimed its top spot for Britons buying property abroad, according to Conti, the overseas mortgage company.

The country accounted for 54 per cent of enquiries received by the company in the first quarter of 2015, claiming first place back from France, which had been leading the field towards the end of 2014.

Conti said that after a turbulent few years, Spain appeared to be making a turnaround. Its economy is showing signs of recovery, tourist numbers are up, and after years of plummeting house prices, commentators are predicting increases in 2015, with the cost of property in some areas rising already.

Conti has seen the volume of overseas mortgage enquiries increase by 41 per cent over the first three months of this year, and said: “Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it’s most certainly a buyer’s market.

“This, together with historically low interest rates and the growing strength of the pound, is making it much more affordable to buy in Spain.”

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