Why are brits buying in Spain?
Kyero points out that Britons invested £12 billion in Spanish property in 2004/05 and this is predicted to reach £21 billion by 2009. With 75,000 properties purchased, at an average price of £160,000, it also claims that one in three want to retire to Spain.
“It seems that we know a lot about how many people are buying in Spain and the level of investment but relatively little about who is purchasing these properties, what they are looking for and why,” said Kyero.
Based on a survey of 400 people, it found that the average person seeking a property in Spain is male and aged between 41 and 60 years old. “The majority of people want to join the other 200,000 Britons and permanently relocate,” it said, “with 26% viewing Spain as the ideal retirement destination due to the warmer climate, sociable atmosphere and reduced taxes. Even with a wider choice than ever of countries in which to purchase it seems that once people decide on Spain they rarely look elsewhere. It’s not just Brits who are interested in Spain, however, with enquiries being received from the USA, Canada, Netherlands, Sweden, Australia, India, Japan and Portugal.”
The survey also found that 73% were looking for existing or resale properties with new build coming in second at only 32%. The most sought after properties are studio apartments with 2 or 3 bedroom villas coming in a close second. Preference did vary by province, however, with 3 bedroom apartments top in Alicante compared to 3 bedroom villas in Girona or 1 bedroom apartments with swimming pool in Gran Canaria. The majority of budgets stretched from €150,000 to €200,000 (although, according to Kyero’s own Spanish Property Price Guide, the national average property price is currently €250,000).
4Location was important to 97% of respondents, with the provinces of Alicante, Granada and Malaga the most highly sought after. However, the most important factors when considering the location of a property are accessibility to shops, a hospital, bar, restaurant, pharmacy, bank, post office, public transport, police station and airport. Nearby amenities including schools, golf courses, marinas, water sports, clubs/discos and churches were viewed as less important.
While accessibility to an airport was identified as an important factor, 40% of people measured distances within the country by driving time.
The majority of those taking part in the survey were within the first stages of property finding and the most popular concerns about buying were the price of property, any additional costs involved, legal aspects and getting the right location. Kyero also found that 71% were using the Internet as an information resource, followed by 60% who had visited the area and 32% from magazine articles.
Source: Overseas Property Professional