Spain property Brit investment favourite

While the UK property market remains mired by the recession and the lack of confidence in the McBroon government and it’s cohort banks, British buyers are continuing their long love affair with Spain.

For yet another independent survey has revealed Europe’s Sunshine State is still the favourite destination for British buyers looking to invest in overseas property.

Director of the online investment portal, Property Abroad, Les Calvert, believes that the country's strength as a tourism destination means it will remain the ideal location to make a foreign foreign purchase.

His comments come on the back of a survey by the Spanish Property Owners Guild, which revealed that prices could drop 15 per cent over the coming year. Mr Calvert said: "Spain is still the most popular destination with overseas property buyers and that is almost completely undeniable.

"In the current economic climate, most people are buying-to-hold for the economic recovery and I would recommend buying a property in Spain … more so now than I would have a year ago."

Specifically, he identified the island of Tenerife as a Spanish region where prices have continued to increase, despite the global economic climate.

Leading specialists for Spanish bank repossessions and other bargains, PropertyinSpain.Net is reporting prices are increasing in Huelva province, a little known area of Costa de la Luz, where strong demand is encouraging local developers to edge up their asking prices.

Spokesman, Kevin Barnett said: “We see this as an early green shoot of recovery for the Spanish property market which is bottomed out with our best deals offering up to 50% discounts from banks and must sell private vendors.”