Property in Spain attracts Britons

Property in Spain attracts Britons

One of the best areas for investment at all times has been investing money in real estate. And most preferable objects for such investments are resort property. Because of the global financial crisis activity in this business area was reduced substantially, but at present the situation in most European countries has changed significantly. Thus, according to British experts, at present the most favorable conditions for investing money in resort real estate are in Spain. Including housing market in Andalusia.

Popular British TV program A Place in the Sun, which specializes in overseas real estate market, conducted its own study to identify the most promising directions for purchase of holiday homes. As a result of numerous interviews Spain heads the top ten, ahead of France, Portugal and Italy. In the end of the list are Switzerland, Turkey, Greece, Cyprus, Malta and Egypt.

In early 2011 the average cost of housing on the Iberian peninsula reached its lowest mark, the so-called bottom, and is 1,959 euros per square meter, which is almost a quarter less than the pre-crisis prices. It was caused by large selection of property seized for nonpayment of real estate loans, which is now sold at giveaway prices. But according to the analysts, this situation in the Spanish property market will not last long and it is expected soon rise in prices. Therefore, people wishing to purchase property in Spanish resort areas should hurry up with making a decision.

In addition, the government, construction companies and heads of Spanish banks are interested in attracting foreign buyers, so they try to create the best conditions for them. In particular are planned changes in legislation on the rights of foreign investors, as well as establishment of special committees for legal assistance to people, who unknowingly purchased illegally constructed property.

Ilya Kozlovskiy

Date: 20/05/2011