Friday, October 23, 2009

Brits never had it better with Spain property

Those searching for a holiday home in Europe could find that now is a good time to invest in Spanish property due to the falling house prices in many regions and hitting historically low levels.

According to Kyero.com, a new report released by Valencian real estate firm Jimenez de Laiglesia revealed that prices of Spanish property could have been overvalued by as much as 37 per cent at the peak of the housing boom in 2007. The property prices have fallen by around 15 per cent since this point which could see Brits searching for a home in the country able to get their hands on a bargain.

The report also added the potential positives which could come as a result of this economic downturn. Housing affordability in the country has improved, with the level of household income people need to spend on buying a home falling from 51 per cent in 2008 to 31 per cent this year.

The Association of British Travel Agents (ABTA) has opened the Travel show on October 5th in Barcelona and according to Director of the Spanish Tourist Office Ignacio Vasallo the show assists the Brits with choosing the best area to buy a home in. The event has been held in Spain for the past four years in a row, with conference attendees travelling to Gran Canaria last year.

In news that could be of interest to those who own Spanish property which they rent out to tourists - Expatica, the travel website have noticed a difference in the way that Spain is marketing itself as a destination as the country is "seeking to upgrade its image" and is working to attract wealthy tourists and discerning visitors to take a break in Spain. The website noted that instead of focusing its holiday advertising on "overcrowded beaches in concrete jungles", tourist authorities are now aiming advertise about the lesser known jewels of Spain - including its great food and historic sites.

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