Falling Spanish property prices and a rising Pound are luring increasing numbers of British house-hunters back to Spain, reveals a new survey. And leading Spanish housebuilder Taylor Wimpey España confirms the trend with a big jump in sales to Brits.
Around 56% of Brits enquiring about the Spanish property market are actively interested in purchasing opportunities according to a study by Spanish real estate agent Inmoaction, with 27% of respondents saying they would buy a second home in Spain.
Results from the survey of more than 1,500 people highlights that the decline in prices in the Spanish property market is increasingly attracting British buyers looking for a well-priced dream home.
“While the data shows that Brits seem to be showing a great deal of interest in Spanish property, we at Taylor Wimpey España are seeing this interest translate into action,” says Marc Pritchard Sales and Marketing Manager of leading Spanish house builder Taylor Wimpey España. “While enquiries by Brits increased by 5.5% in August this year compared to last year, last month saw 53% of all our property sales in August made to British clients – the strongest sales month to British buyers since September 2010!”
Pritchard has no doubts about the driving force behind the resurgence of interest from British buyers. “Opportunities to purchase quality properties in good locations at low prices combined with the strength of the Pound and just 4% VAT has meant that Brits are prepared to act in order to take advantage of the current market,” he explains.
Keen to capitalize on this activity, the Spanish government and the Spanish Property Developers Association will be working together to formulate a plan that will target foreign buyers in order to help reduce the level of real estate stock on the market in Spain with a focus on Russia and China as well as EU nations. Russia is a fast-growing market for Spanish property and over 11% of Taylor Wimpey España sales last month were to Russian buyers.
For property hunters looking for high quality affordable property Taylor Wimpey España has some excellent properties on offer at only 4% VAT until the end 2012.
For example, on the Costa del Sol, La Floresta de la Mairena, key-ready flats from only €178,000, and Los Robles de los Arqueros (pictured), in the Los Arqueros Golf & Country Club, just 5 minutes by car from Puerto Banus, from only €240,000.