Credit crunch 'invigorating' Spain property buyers

Those looking to buy property in Spain now are often investors who have been boosted by the credit crunch, it has been stated.

Mark Bishop, the co-founder of A Place in the Sun Live and A Place in the Sun Magazine, said that some buyers who were unable to afford to buy in a location such as Spain would have looked for cheaper property elsewhere in the past.

However, he said, that market has dwindled, with lower prices in Spain meaning that a new one has emerged.

He stated: "The people who are in the market now will spend GBP100,000 or GBP150,000 on a place in Spain."

Describing such buyers as "reinvigorated" by the credit crunch, Mr Bishop said those investing now tend to be more "sophisticated" than some of those buying previously.

The continued interest of Britons in overseas property such as that in Spain has been indicated by figures from Cater Allen Private Bank, which show that as many as three million Britons are looking to buy an overseas property in the next two years.
 

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