Spanish property may be viewed as more attractive by some following the Budget 2013 announcement yesterday (March 20th). HomeEspana claims that the financial measures included in the statement could easily push those on the verge of jumping ship over the edge. While Spain’s economy is in a more volatile condition than Britain’s, low property prices mean it is now cheaper than ever for foreign buyers to invest in the country and benefit from its pleasing climate and way of life.
Kieran Byrne, managing director of HomeEspana, stated: “Even expats in Spain have been intrigued to know what the UK government, now under pressure to kick-start economic recovery, plans to do. It’s normal for expats to compare the UK’s rates of tax and living conditions with those in Spain, where austerity measures are also being implemented. In Spain though, the effects are being felt more by Spaniards in areas of the country with high unemployment, and less by retired expats who are financially secure and living with other expats.”
Those looking to enter the letting market may also find Spain more appealing, with the country’s tourism sector continuing to post strong results and attract holiday rental investors. Direct Holidays claims Spain will be the top choice for vacations during 2013 among Britons and other parts of the world are also taking notice of the country, including Russia and Scandinavia.
Marc Pritchard, sales and marketing director of Taylor Wimpey Espana, explained that during 2012 their company enjoyed a 24 per cent rise in sales. The General Council of Notaries also revealed a 24.4 per cent increase of foreign and non-resident people investing in Spanish homes. Throughout the year, a total of 38,312 overseas buyers purchased property in the country. This is almost on par with pre-recession levels and shows that Spain is still viewed as an attractive destination for real estate investment. Taylor Wimpey Espana claims that these figures may actually have been higher, as data reflects only the number of people purchasing property.