Interest in Spanish property on the increase

Interest in Spanish property on the increase
Despite a turbulent few years it seems that the British love affair with Spain is far from over. Conti, the overseas mortgage specialist, has seen a 33% increase in Spanish mortgage enquiries over May and June, and attributes the rise to excellent buying conditions and signs that the market is starting to bottom out.

According to the monthly house price index from appraisal company Tinsa, Spanish property values were down by 10.8% year on year in June, compared with 11.1% in May. And figures from the Spanish National Statistics Institute, INE, show that the decline in property sales in May were -9%, a lot less than the declines from January to March this year, which were between -21 and -33%.

Commenting, Clare Nessling, director at Conti, said: “Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it’s most certainly a buyer’s market.
“In addition, despite the ongoing eurozone crisis, the growing strength of the pound, which has been rising against the euro to levels not seen for around four years, is boosting the budgets of British buyers.