Brits look to debt-ridden Spain for property bargains

Savvy Brits on the look out for a bargain are preparing to purchase holiday homes in European countries that have been hit worst by the recession.

Portugal, Ireland, Italy, Greece and Spain (PIIGS) are all feeling the pinch economically, with Portugal, Ireland and Greece all having to be bailed out to keep afloat.

Research by currencies.co.uk has found that some 82 per cent of Brits interested in buying abroad in the next 12 months are looking to these countries in the hope that prices have hit rock bottom and they can pick up a bargain.

Analyst Stephen Hughes says: "We've seen a big increase in inquiries for most of the PIIGS nations, the only exception being Greece.

"Of these countries, Spain has been the most popular by quite a way, and while interest is still behind that in France, the evidence suggests that interest in Spain is growing much faster."

Meanwhile, demand for property in Spain could be set to soar as banks move to sell off billions of euros worth of distressed property assets, The National reports.

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