UK property slowdown increasing popularity for Spain

The current slowing trend in the UK housing market is leading many British buyers to seek property in Spain.

That is according to Terry Walker, chief executive officer for Propertyinspain.net, who asserted that there are "lots of bargains to be had" in Spain.

She noted that the country was particularly attractive for British investors as they were familiar with it, adding that Spanish property was relatively easy to sell.

Mr Walker commented: "British buyers recognise a bargain and the state of the UK economy is having a knock on effect as well.

"We know Spain. There are lots of bargains to be had and we know what we are getting. It is a much easier sell for Spain than it is trying to entice someone with a similar priced property in an unknown area, like Bulgaria or Romania."

He added that the Bank of Spain had asserted that it had sufficient money to fund credit demand, meaning that mortgage availability could be better than in the UK.

Overseas Property News posted on 14/04/2008 11:31:05