Britons snap up property in Spain

Thursday August 7th , 2008

New research has revealed that Spain is still the most popular country among overseas property buyers in Britain.

A study by Holiday-Rentals and Savills found 34 per cent of British-owned foreign residences are located in the country.

This puts it ahead of other European investment hotspots such as France, Portugal and Italy, making it the most popular destination overall.

Most buyers were said to be lifestyle buyers, such as retirees and people who want a holiday home overseas.

However, figures also showed that many are buying in order to generate wealth, either by letting out their property or allowing it to appreciate in value.

Holiday-Rentals and Savills added that 425,000 foreign properties are owned by people in the UK.

This is 55 per cent higher than the amount recorded in 2003.

According to the Spanish Property Owners Guild, market conditions are ideal for those who want a property for personal use, as some are being sold at reduced prices.