Sunny Spain’s Revival
The tide is turning in the Spanish property market – at last. With renewed interest in the region, Spain’s authorities hope to see a growth in buyers and the economy. And there are some major players getting involved. Bill Gates, no less, purchased a 6% stake in Fomento de Construcciones y Contratas (FCC) last month, making him the second largest shareholder in the company.
Spain is also a popular choice for those choosing to start a new career overseas. The country is in the top 10 most popular destinations for working expats, based on analysis of 323,734 visitors from 224 countries that consulted www.expatcareers.com in September and October this year.
In addition, The Overseas Guides Company (www.overseasguidecompany.com) say that they had a record number of enquiries for information about Europe during July, August and September. Demand for information about foreign property was also up 30 per cent year-on-year during the third quarter (Q3) of 2013 and 37.8 per cent during the first three quarters of the year, according to the latest Overseas Guides Company Quarterly Index, which measures interest in popular expat destinations.
“Growth has clearly been driven by classic European hot spots,” said Richard Way, Editor at the Overseas Guides Company. “France, Spain, Italy and Portugal all recorded a 50% year-on-year hike in interest for the year to the end of September, and even Greece’s popularity rose 23 per cent.
“Reasons for this surge are varied. At home in the UK, there is growing confidence in the economy, as well as consistent upward pressure on house prices. Meanwhile, most of the Eurozone is still very much a buyer’s market, with property prices either at rock bottom or close to it, and mortgage rates at historic lows.”
He also said that banks in Spain and Portugal are offering attractive deals on repossessed homes. Certainly, in some parts of Spain, property prices are 50% of what they have been in the past.
Daniel Abrahams, co-Founder of OPP award winning site www.mycurrencytransfer.com, said: “It is absolutely essential for anyone thinking about buying property in Spain to check out the government advice, which is accessible, online. You need to take independent advice and work with an accredited translator who can guide you through the ins and outs of legal documentation when buying in Spain.”
Suzi Dixon is a brand ambassador for www.mytravelmoney.co.uk
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