The Eurozone debt crisis and its subsequent impact on countries like Spain has not deterred property prospecting by foreigners and in fact may be boosting interest. Research from annuity provider MGM Advantage indicates that lower prices in Spain’s struggling property market are attracting buyers, particularly from the United Kingdom and Germany. The coastal country’s weather is a big draw for both Brits and Germans, and Brits are especially enticed by the strength of sterling against the euro. Germans now seem particularly fond of Mallorca and have been investing heavily there thanks to better value and its close proximity to Germany. For more on this continue reading the following article from Property Wire.
Spain is still the most popular country for British people to retire despite the current crisis in the eurozone and those choosing to move there can buy property at a bargain price.
Spain continues to dominate as the destination of choice with France, Ireland, Cyprus and Australia also making it into the top five, a study by annuity provider MGM Advantage shows.
Spain has been voted the number one retirement destination on a number of occasions and it's easy to see why, said Marc Pritchard, sales and marketing manager of Spanish house builder, Taylor Wimpey España.
‘Certainly the weather is a major factor in people's decision making. Health too is without a doubt of great importance to this age group and Spain has an excellent healthcare system, although many overseas residents choose private healthcare to skip the queues,’ he explained.
He also pointed out that the strength of sterling against the euro has presented lucrative opportunities for British buyers today to purchase their ideal home in Spain for less.
However, it is not just Spain's most loyal holiday makers, the Brits who are buying second homes, German's are beginning to re-enter the market. ‘Germans have a long history of buying Spanish property. At one stage there was a dip but now this trend is reversing as Germans begin to invest in the nation once again especially on Mallorca. We've actually seen a 28.6% increase in sales from German buyers between January and July this year over the same period in 2011,’ said Pritchard.
An example is Mr and Mrs Haase from Brandenburg, Germany who have bought a two bedroom, two bathroom apartment with terrace, garden, large pool and direct sea access at Taylor Wimpey España's Cala Anguila project in Mallorca.
‘The reason we chose Mallorca was because not only is it an European Union country it is also close to Germany with a very good climate where we can get some sun and relax which is a little hard to do in Germany,’ they said.
‘Some people might wonder if we've been put off by the current economic climate in Spain but for us, buying property here was more about the lifestyle Spain affords than anything else,’ they added.
Taylor Wimpey España currently has on offer in Spain at only 4% VAT until the end 2012.
This article was republished with permission from Property Wire.