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Spanish Property Investment still top of the pile

Article Date : Thursday, November 10, 2005       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

A static housing market has done nothing to dent the nations love of property investment; it has just turned its attention to opportunities available in overseas markets. Because, according to Barclays Bank, the number of people who own an overseas property is set to double to 4.4m, virtually 10 per cent of the adult population.

Barclays estimated that 2.2m currently own overseas properties and another 2.2m say they definitely going to buy an overseas property in the future. A staggering 37 per cent of respondents to its survey (which equates to an almost unbelievable additional 16m people) said that they were considering a purchase abroad.

Potential buyers thought the advantages outweighed the problems. Some 58 per cent of those definitely or possibly buying were concerned about getting caught out by local legal or tax issues; 17 per cent were worried about keeping the property secure while empty; 14 per cent were concerned about being able to understand the local language well enough; but only 8 per cent were worried about being taken for a ride and paying too much for a property.

Most favoured countries for property purchases were Spain, including the Balearics and Canary Islands (the choice of 30 per cent), USA (15 per cent), France (14 per cent), Italy (10 per cent), South Africa (6 per cent), Dubai (5 per cent), Portugal (5 per cent), Bulgaria (3 per cent), Croatia (2 per cent), and Morocco (1 per cent).

The trend towards owning property abroad shows no sign of abating and could go through the roof if people were more confident of a hassle free purchase, said Barclays head of European business development Suzanne Clay.
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