Spain: Still Top Destination for British

Despite recent reports of a potential Spanish property market crash and figures showing an overall slow down in some areas of the country - particularly the Costas - the latest HiFX Property Report shows that Spain still remains the top destination for Britons buying overseas property. In light of these market conditions, the currency broker says Britons considering purchasing a Spanish property, or those who already own one in the country,need to be aware of how the Spanish market is changing and how this can best be used to their advantage.

While some areas of the Spanish Costas are certainly cooling and seeing market corrections due to over supply, other, less traditional, inland regions are becoming more popular with buyers.

Mark Bodega, of HiFX comments, “Forced to be more realistic about the prospects in the Spanish real estate market, holiday home buyers and investors alike will have to look for value rather than creating it artificially.

“Cut through the current hype and think carefully about the property you’re buying in order to make the most of the current market conditions. Only certain areas are suffering a slump due to over supply, whilst others still have much to offer.”

For holiday homers, the oversupply in some Spanish markets has lead to real bargains as investors look to extract themselves. With the abundance of low cost airline routes, the short flight time and the great weather Spain should continue to be a favourite with British buyers. Even for those looking for capital growth in the short term there are opportunities to be had in the lesser known Costas and inland. Coastal regions like Tarragona, and inland areas like Jaen and Cordoba may still provide excellent value.