Summer holidays motivate overseas property buyers

According to Rightmove Overseas, a quarter of its overseas property searches in August were for Spain, with many people coming back from summer holidays motivated to investigate th

Claire Nessling
25th September 2012
Blogs
France, in second place, accounted almost 19 per cent of searches and the USA, in third place, accounted for almost 12 per cent.

As the darker nights return and the all-too-short British summer comes to an end, it’s very easy to dream about sunnier climes. But for many, it can be more than just a dream. Affordable prices, low interest rates, and a weaker euro are all making it easier to buy property abroad. Easy access to the more traditional locations like Spain and France, together with good rental opportunities, are also contributing factors.

According to our own overseas hot spots report, 45 per cent of the mortgage enquiries received so far this year have been about France, the country’s biggest share achieved to date. Last year it accounted for 39 per cent, and for just 15 per cent back in 2008. Against the volatility of the British market, French property is seen as an increasingly solid investment option over the long term. And while it hasn’t been reduced to bargain basement prices, it generally remains well under UK averages, with plenty to choose from within a budget.

Spain, in second place with 33 per cent of enquiries, is also up from 31 per cent last year and from 14 per cent in 2008, thanks to excellent buying conditions and signs that the market is starting to bottom out.  To say that the Spanish property market has experienced a turbulent few years would be a bit of an understatement, but it appears that our affections for this country show no signs of waning.  Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it’s most certainly a buyer’s market.

Portugal, accounting for 10 per cent of enquiries, is in third position for the second year running. Although its share is down by two per cent on last year, interest has picked up again over the last three months as falling property prices entice buyers back. 
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