Spanish property owners set to benefit from downturn

An increase in potential tenants is set to boost people with second homes in Spain during the economic downturn.

Homes Worldwide reports that people currently unable to purchase a property in Spain due to credit constraints are looking to rent instead, with existing homeowners in the country poised to take advantage.

Estate agent Peter Pickett said that the recent upturn in rental demand, which was first noted several months ago, is set to continue in Spain as market uncertainty continues.

"Over the last few months we've seen an increase in the number of people who are looking to rent somewhere for a period of around three months," he told Spanish Home Magazine.

"Some are waiting to see what property prices do … others are still trying to sell their UK home in order to finance their property purchase in Spain."

This week, an update from Shelter Offshore stated that Spanish property still represents a strong investment for the long term, with the recent fall in prices providing an opportunity for buyers who "have the cash in hand with which to secure a purchase".

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