As British Airways launch a series of new flights to Spain, it seems the time is right for investors to take advantage of falling property prices and the country’s lively tourism industry. With Spanish real estate struggling to recover values enjoyed during the 2007 peak, holiday rental properties are being let go at bargain prices, especially distressed assets.
However, interest in the country as a holiday destination isn’t diminishing and the Costa del Sol and the Costa Brava are just two of the most popular spots for tourists. British Airways is set to run 17 flights per week from London Gatwick to Alicante from March 31st 2013, increasing to 21 flights per week for July, August and September. This means more and more people will be flocking to Spain in search of holiday rentals.
Marc Pritchard, sales and marketing manager at Taylor Wimpey Espana, stated: “Spain’s climate, infrastructure, ease of access to the UK, combined with sandy beaches, turquoise seas and affordable housing market draws tourists and potential buyers in their droves.
“Despite falling domestic real estate prices, overseas demand for Spanish property certainly hasn’t. If last year’s performance of Taylor Wimpey Espana is anything to go by, with a record amount of sales in December alone, 2013 is set to be a great year!”
With interest in property investment still significant and JetXtra and Monarch also introducing new routes to Spain in 2013, competition for prime units will no doubt be fierce. While the country may be struggling to sell off real estate at the lower end of the market, this is not the case in other segments. Factor in a rise in the number of non-European buyers set to occur once residency permits are introduced for those buying property over €160,000 (£130,391 approximately), and buyers looking for investment opportunities have all the pressure they need to strike.
However, it is always important to research properties prior to engaging in any transaction to ensure the area can draw in the tourism levels needed to make real estate investment lucrative.