22 June, 2015

By VIVA Team

As buying overseas regains popularity, Spain once again finds itself top of the desirability charts.

Further evidence that there has never been a better time for British buyers to invest in a property overseas has been published by the Overseas Guides Company.

The emigration specialists have revealed a 31 per cent increase in inquiries into overseas property during the first quarter of the year, with more than 15,000 Brits expressing an interest in buying abroad.

Unsurprisingly, Spain once again proved to be the most popular location, beating out France, Portugal and Italy…

Overseas Guides Company states that there was a 37 per cent rise in the number of Brits sending money to Spain with the sole purpose of buying a Spanish home over the first five months of the year. That data has been confirmed by foreign exchange company HiFX, which found that Spain and France combined accounted for three-quarters of all overseas transactions in the first five months of 2015.

Currency specialists Moneycorp say that this increase in interest in Spanish property has been spurred by the strong pound against the euro, which is making it more attractive to shift funds to Spain right now than it has been for many years.

“Comparing the currency movements over the last two years, the saving created by a weakened euro and a stronger pound is clear,” said Moneycorp Commercial Director Marianne Gilmore. “In June 2013, a property on the market for €500,000 would have been purchased for £406,504, this June the same property could be purchased for £364,963. This means currency movements have created a saving of over £41,500.”

Lending in Spain has increased dramatically in the past 18 months, with Spanish mortgages once again an attractive and viable option for Brits hoping to finance a property purchase in Spain. By fixing a favourable exchange rate, huge currency savings can currently be made on property that is already up to 30-40% cheaper than it was during the peak market years of 2007.