Spain has been battered by the Eurozone debt crisis and the damage has resulted in high unemployment and dropping home values. The one upside is that the lower prices are attracting more attention from prospective British property buyers and the Spanish government intends to encourage it by taking steps to ease the access to opportunities. One idea from the Spanish Property Developers Association is for the government to make it easier for Brits and other foreign buyers to transfer funds to Spanish banks when it is for a real estate transaction. This combined with properties in nice locations and the power of the pound against the euro are drawing more customers to Spanish shores. For more on this continue reading the following article from Property Wire.
Around 56% of British people enquiring about the Spanish property market are actively interested in purchasing opportunities according to a study by Spanish real estate agent Inmoaction with 27% of respondents commenting that they would buy a second home in the country.
Results from the survey of more than 1,500 people highlights that the decline in prices in the Spanish property market is increasingly attracting British buyers looking for a well priced dream home.
‘While the data shows that Brits seem to be showing a great deal of interest in Spanish property, we are seeing this interest translate into action,’ said Marc Pritchard sales and marketing manager of Spanish house builder Taylor Wimpey España.
‘While enquiries by Brits have increased by 5.5% in August this year compared to the same time in 2011, last month saw 53% of all our property sales in August made to British clients, the strongest sales month to British buyers since September 2010,’ he explained.
‘Opportunities to purchase quality properties in good locations at low prices combined with the strength of the pound to euro and 4% VAT has meant that Brits are prepared to act in order to take advantage of the current market,’ he added.
Keen to capitalise on this activity, the Spanish government and the Spanish Property Developers Association will be working together to formulate a plan that will target foreign buyers in order to help reduce the level of real estate stock on the market in Spain with a focus on Russia and China as well as European Union nations.
Among the suggestions made, the Spanish Property Developers Association propose measures that will make it more straightforward for funds to be transferred to the country when they are for a real estate transaction, as well as making it simpler for property buyers to obtain entry visas.
‘This plan demonstrates a sound and logical commitment from the Spanish government and Spanish Property Developers Association to propel the property market forward in Spain. Russia presents one of the best potential growth markets with the number of Russians buying holiday homes abroad, particularly in Spain having increasing tremendously over recent years. Interestingly, at Taylor Wimpey España last month, over 11% of Spanish property sales were made to Russian buyers. This is a target market that cannot be ignored and one we have been pushing for a while,’ said Pritchard.
For property hunters looking for high quality affordable property Taylor Wimpey España has properties on offer in Spain at only 4% VAT until the end 2012. They include three bed, two bathroom apartments next to the sea near Palma on the Cala Estancia residential development with direct sea access, fully fitted kitchens, air conditioning, marble floors, double glazing, underground parking and storage rooms from just €265,200.
For smaller budgets there are two bedroom apartments with garden landscaping and three communal swimming pool within reach of the blue flag beach, Cala Mondrago and floodlit tennis courts in Cala Egos, 10 minutes from Cala d'Or , costing from €149,500.
This article was republished with permission from Property Wire.