For second home owners from countries such as the UK, better weather is often a draw and Spain is a perennially popular choice of location for such a purchase. Sales and Marketing Director of leading Spanish homebuilder Taylor Wimpey España, comments,
“UK buyers have a long-term love of Spain when it comes to second home ownership. The beauty of areas like the Costa Blanca, with its seemingly endless stretches of white sand and glorious sunshine, exerts a charm that gets under the skin. Buying a second home there represents a significant shift in lifestyle – it’s about enjoying more of what Europe, and life, has to offer.”
Buying a second home can also be a shrewd financial move, particularly in times of record low interest rates. When buying overseas, it’s always a good idea to purchase a home directly from a reputable developer with a strong track record. Doing so means you know what you are buying into in terms of quality, which is particularly important when purchasing a home in another country.
British buyers have been too busy in their domestic property market in the past but now are setting their sights on other countries, especially in Europe, Vanya Damyanova reports
Who is buying?
Everyone agrees demand is high and the markets are busy but who are the buyers? Are Brits flocking to other European markets just to secure a nice buy-to-let return, are they looking for a second home for the holidays or for a quiet retirement nest?
Taylor Wimpey España says: “We find that the majority of our buyers are families looking to holiday together or retired people.”
Spain has enjoyed a record-breaking summer, with some 54.4 million foreign visits in the first nine months of 2015, up 3.8 per cent on the year before, according to the Industry, Energy and Tourism Ministry.
Even with the summer season over, though, the value of Christmas shopping in luring customers from overseas has certainly not been lost on the Iberian country, as Deputy Prime Minister Soraya Saenz de Santamaria explains:
Sales and Marketing Director of homebuilder Taylor Wimpey España, which has launched homes near the retail hub of Alicante, comments: “Spain is a great destination for shopping, whether it’s in the run-up to Christmas or at any other time of year. In the south of the country, Alicante is a particularly attractive destination when it comes to high-end clothes and luxury items like watches and jewellery. There’s a wide variety of choice, from huge shopping malls to tiny boutique stores.”
Sales and Marketing Director of leading Spanish homebuilder Taylor Wimpey España, was one of those eagerly awaiting the Caminito del Rey’s reopening. He comments,
“There’s so much more to the Costa del Sol than one at first realises. It’s not just about sunshine and beaches – though of course it has both of those in abundance! There are also plenty of fascinating cultural and historical attractions here. So many in fact that visitors are often taken aback by how much there is to do. Several of our second home owners have seen exploring more of the area’s attractions as one of their key reasons for buying in the Costa del Sol.”
La Floresta Sur, in Elviria, close to Marbella, is an ideal base for getting to know the Costa del Sol. The spacious, open plan apartments are available from just €192,000 for two bedrooms, with owners able to enjoy the two large communal swimming pools and pretty, landscaped grounds. Large terraces with sweeping views are perfect for appreciating the area’s gorgeous scenery, from the scented forest of oaks and pines to the dazzling shimmer of the sea.
Higher quality new-build apartments and villas are luring Brits to the Costa Blanca where prices are lowest
Buyers can also expect higher quality new villas and apartments from house builders likeTaylor Wimpey Spain which is rolling out developments in prime locations using quality materials, offering lots more space and choosing designs that won’t date.
Want to live for longer? Move to Spain, suggests the latest findings from the World Health Organisation.
The latest figures from the organisation shows that Spaniards have the best health and life expectancy of any country in Europe: residents of Spain are expected to live for 83 years, two years longer than the UK, where people are expected to live until the age of 81.
Plentiful sunshine and fresh air, a Mediterranean diet and fabulous local wine (the Spanish consume 11.2 litres of alcohol per person per year, against a world average of 6.2 litres) are all likely contributors to the robust longevity of the Iberian population.
“Taylor Wimpey España has had a bumper summer,” confirms Marc Pritchard, Sales and Marketing Director of the homebuilder, “with UK buyers in particular keen to purchase property here. Many of them are looking for more than just a couple of weeks’ use of their second home during the summer months. We’re seeing buyers who are keen to stay for extended periods – often weeks or months at a time – and many who plan to make the move to Spain fulltime.”
British interest in Costal del Sol property is building. Whether for a cheap summer holiday with the kids or a long-term second home investment on a prestigious resort, Spain has long been a favourite with visitors from the UK. The country’s blend of sunshine, beaches, tapas and low prices, all within a short flight from a plethora of UK airports, makes it a firm favourite with both holidaymakers and holiday home hunters.
Indeed, figures from TravelSupermarket saw Spanish locations account for a third of the top 10 destinations searched for by British tourists this summer. According to Taylor Wimpey España, meanwhile, buyers are just as committed to Spain and, in particular, the Costa del Sol.
Attractive low prices and the strong pound are encouraging our British folks to buy Spanish holiday homes. According to the Independent, the Spanish land registry has released some data that shows that more Britons are taking advantage of the economic trend compared to any other nationality. Home is the Costa del Sol and the Costa Blanca cheaper to buy, thus they are the popular choice. The data also shows that the Euro has weakened against the pound from about 80p, to a little over 70p in 12 months.
Rapidly rising prices in the UK while the price growth in Spain is slow also make Spanish property attractive to British buyers. In a data prepared by the Colegio de Registradores, it was shown that 19.8 per cent of all assets bought by foreigners in the first six months of 2015 went to UK buyers. In the recent years, it was the Russians who have bought large numbers of Spanish holiday homes but sanctions and Russian economic conditions have slowed down investment of Russians in the Spanish property market.
According to Marc Pritchard, the Majorca-based sales and marketing director of Taylor Wimpey España that develops homes in popular coastal areas, “The British market is by far the most important. There are several factors at play, but people are starting to realize that after years of the Spanish housing market being depressed, it is beginning to pick up.”
According to reports in The Independent newspaper, British property investors are taking full advantage of a weak euro in Spanish property markets in 2015, with one fifth of all foreign purchases in the country being snapped up by savvy buyers capitalising on the significantly increased purchasing power of the pound.
New figures published by the Spanish land registry show that Britons, more than any other nationality are taking advantage of a combination of favourable economic factors. In the last 12 months, the euro has fallen from around 80p to the pound to just over 70p, making holiday homes in the Spanish Costas more appealing to British buyers.
Slow price growth in Spain, coupled with rapidly rising property prices in the UK – in some instances by more than 10% a year – mean that Spanish property is making less of a dent in Britons’ wallets. In a report published by the Colegio de Registradores, 19.8% of all property bought by non- Spanish buyers in the first six months of 2015 went to UK buyers. German and other northern Europeans are stymied by the weak euro, while buyers from Russia and China have reduced activity in Spain’s property markets after being hit by sanctions or weakening domestic economies.
As many as 750,000 Britons live in Spain for at least part of the year. “The British market is by far the most important,” said Marc Pritchard, the Majorca-based sales and marketing director of Taylor Wimpey España, which develops homes in popular coastal areas. “There are several factors at play but people are starting to realise that after years of the Spanish housing market being depressed, it is beginning to pick up.”