For a significant length of time, British people from all parts have been drawn to southern Spain. For some it has simply been an annual holiday destination for a few weeks every year, for many British people a retirement destination, or for the younger folks, the dream location for a second home in the sun.
The global recession halted British enthusiasm for the Costa del Sol temporarily, but now the British economy is brighter and a much stronger pound to euro exchange rate is once again making holidays in Spain and Spanish property very attractive to UK buyers. Indeed, the recent significant rise in sales of Spanish properties to overseas clients, has been partly fuelled by British buyers.
A recent report by a notable foreign exchange company (Currencies Direct) indicates that there are a number of interesting key factors that have drawn the British back in droves. One of them is the ever-rising price of property in the UK, particularly in the wealthy south. This has a double-edged effect: older buyers are able to release significant amounts of equity in their UK homes to purchase overseas. Then there are those who can’t afford to buy in the UK, but can do so in Spain at the current attractive prices.
These Britons are feeling wealthier than they have at any other time in the past eight years, plus the low interest rates make property investment a much more attractive proposition than putting cash into savings.
Greenlife Estate’s Massimo Filippa recently observed that, “The Marbella area is once again attracting more and more British buyers.” He also reflected that the current price of Spanish properties, which is still around 9% below 2011 prices, offers excellent value. However, British buyers and investors do need to act quickly as the strength of sterling against the euro may not last forever.
Greenlife Estates has a portfolio of properties that covers the whole of Marbella from Elviria in the east to Sotogrande in the west. We have every type of property, ranging from well-priced apartments to luxury villas. Do visit our office and see how we can help you make the most of British buying power in a part of the world that is so beloved by visitors from the United Kingdom.