Britons are increasingly looking to invest in luxury properties in Spain as they seek the perfect overseas residence.
This is the suggestion of experts speaking to the Manchester Evening News (MEN), who say UK buyers are returning to the Spanish market to find properties that meet their exact requirements.
While the lower end of the market is still in crisis, with Spanish ministers touring Europe in a bid to encourage sales, it’s a different story when it comes to the luxury end.
Investment director Richard Strappe said: “People still want a place in the sun to escape to but they now want a lot more. What we have here is location and facilities. You can fly in to Girona or Barcelona, can be on the beach in 20 minutes and in the mountains skiing in winter in an hour. And the infrastructure is already here, people know what they are buying into and sales have been very good because we offer a wide choice.
However, they seem to be taking a much more cautious approach compared with the boom years prior to the credit crunch. The trend has emerged at the same time as the release of a report from the Overseas Guide Company (OGC) revealing an increase in requests for information on the Spanish market.
A spokesman said: “People are much more clued up now. They know what to look for in a long term investment and they want a name they can trust. We deal almost exclusively with British buyers because they know the Jones Homes and Emerson Group name. They want facilities like the golf course and spa and want to be close to beaches and a town. There are people still happy to invest in a second home in Europe but it has to tick all the boxes.”
It’s a complete contrast to the rush for the sun of the boom years, buyers are now more cautious and looking for properties on developments where the infrastucture is already in place and location is key.
All the Spanish islands are seeing similar surges of investment in top line properties. A recent report from First Mallorca, one of the island’s top agencies, logged 47 sales in the first five months of 2011 with an average selling price of over €1m.
And interestingly 25 per cent of the buyers were British, with a similar number of Germans, along with Swedes and Spanish.
Robert Maunder from First Mallorca said: “We are enjoying an international clientele with precise requirements and budgets for their investments. Volatile share and gold values are pointing people once again to the security of bricks and mortar.”
It is also an investment that can add to your quality of life.
Marc Pritchard is based on Mallorca with Taylor Wimpey Espana and says buyers now are much more astute. He said: “People are no longer buying as an investment and looking to make money. They are buying a place for holidays so location is the key. It has been tough, but we are still doing sales because people know and trust our brand.”
Taylor Wimpey are building in Majorca, Costa Blanca and Marbella and are once again selling off plan. Marc explained: “We operate in the US as well so saw the crash coming and started discounting stock in 2007 and that is what saved us.
“We have buyers coming back to us because we are building properties in good locations and with amenities already there.”
