Tuesday, April 29, 2008

Property purchase in Spain is easier than UK

According to the data from Halifax society, Spain has witnessed the strongest gains in terms of property price increase percentages and the average value of a home has doubled. This is due to the consistent demand for property in Spain. A new research by SPC Overseas revealed that property purchase in Spain is easier than buying a house in the UK.

Property developer Lar Sol reports show that Britons purchasing a house on the Costa’s find it more comfortable than buying in the UK. Lar Sol international sales coordinator Katy Katani said that the exceptional demand for property outstrips supply and continues to propel Spain’s economy. The consistent demand for property in Spain, fresh supply of external demand annually and the great likelihood of property owners to reinvest their properties in Spain makes the residential real estate market more active.

Katy Katani further said that the several significant steps are taken by the government by introducing cuts in income tax and corporate tax, by planning to reduce the number of tax bands on Spanish property and to eradicate income taxes on mortgages. The real estate in Spain has remained upbeat despite European Central Bank increased interest rates in 2007.

She also confirmed that Britons like to buy from other Britons who have properties in Spain which make property purchase easier for Britons and that, as Spain has long been a favourite destination for holidaymakers, retirees and investors from the UK, they are creating a network of potential clients.

Recent survey by Clerical Medical Investment Group found that one in three Britons are planning a retirement abroad with the vast majority planning on relocating to Spain.