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Overseas property buyers 'looking at Spain'

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Foreign property buyers who are looking to transfer money online to buy a residence outside Britain might want to look at homes in Spain.

According to Spanish Property Insight, the European country has experienced several years "in the dumps".

Mark Stucklin, head of the organisation, said this is because it took longer for property values to "adjust downwards" than it did in many other nations following the onset of the global financial crisis.

This, he stated, was compounded by the weakness of the pound making these adjustments a fairly unattractive option for buyers from the UK.

However, Mr Stucklin noted that said currency exchange rates have become more favourable for British purchasers, which means Spain could once again be a good option for them to consider.

"You have prices in coastal areas that are not difficult to find with a 50 per cent or more decline," he commented.

"The British pound is up above 1.20 [against the euro] and it looks like it is just going to head up all year."

Mr Stucklin said this should make the Spanish market "more interesting" for British buyers, particularly as house prices in the country are expected to remain fairly stable for now.

He acknowledged that nobody can be completely certain of what will happen to the euro over the next few months.

Nevertheless, Mr Stucklin said it is "not unreasonable" to expect it to get weaker against sterling, considering the current economic problems in the eurozone.

He added that while the pound is not in particularly "great shape", it is performing better than the euro in relative terms.

This comes after Kyero.com revealed that apartments in Spain are proving to be especially popular with buyers who are looking at purchasing a residence in the country. Villas and country houses were also said to be attracting lots of attention.

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