Buyers 'turning to Spain for property investments'

Buyers looking for foreign property investments are returning to tried and tested markets such as Spain and are hoping to pick up some bargains in the process, it has been claimed.

Speaking to Mortgage Strategy, overseas property and finance consultant Simon Conn explained that people still want to buy houses in familiar markets, adding that, since the economic downturn, only those who are seriously interested in making a purchase are contacting agents.

Claire Nessling, operations director at overseas mortgage advisor Conti, pointed out that low mortgage rates could help attract buyers to the Spanish market, with loan-to-value products of up to 80 per cent available in some cases and rates typically starting from around three per cent.

"In the current economic climate, purchasers are sticking to the more traditional overseas locations, especially those places with a history of providing good rental returns," she told the publication.

Data published by Conti in December revealed that enquiries about property in Spain comprised 24 per cent of the total enquiries the company received last year, with the French, Spanish and Turkish markets collectively accounting for 85 per cent of all queries during 2010.
 

Like this? Then share with your friends and colleagues!