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Spain's the new Spain
29th October 2007
A beach house in Brazil or a casa in Cape Verde may sound exotic, but the majority of Britons are spending their hard earned sterling on second homes in...Spain. With so many alternative destinations now on the horizon - because of recent EU entry or changes in national property laws - there's a new feeding frenzy among some buyers to be the "first" into an emerging market.
That said, the percentage of buyers opting to invest in up-and-coming markets is still low compared to the numbers of UK residents planning to buy in Spain. Figures released by Datamonitor recently show that a staggering 2.2 million Britons plan to buy abroad in the next five to ten years. And Spain, then France, are the top two destinations for property buyers, with two in five buyers (43 per cent) choosing Spain overall as their preferred dream home location.
Spanish home prices may have stabilised recently - something that happens in most markets after a property boom - but recent figures released by the Spanish government suggest that the country's economy not only grew by 4 per cent during the first quarter of 2007, Spanish house prices rose simultaneously by 7.2 per cent (with one of Spain's largest banks, BBVA, estimating growth at a slightly more conservative 5.9 per cent).
Paul Smith, Director of CLC Estates, the real estate and property development division of leading European holiday company Club La Costa Resorts & Hotels believes most buyers look for the long term advantages of investing in Spain. Malibu Mansions, CLC's most recent development of luxury apartments near Marbella, sold out months ahead of schedule earlier this year.
"The Costa del Sol is called the California of Europe because not only are the climate and scenery similar, it offers so much more than just sun, sand and sea. Whether they're looking to buy a holiday home or move here, our clients feel very comfortable buying in Spain. Factors like excellent infrastructure, communications, security, and quality of build are important and Spain ticks all the boxes."
While some buyers are tempted to try cheaper emerging markets, nowhere competes with the guaranteed infrastructure and lifestyle and, of course, climate, that Spain is famous for. Medical care, good schools, new roads, frequent flights back to the UK, a relaxed lifestyle (especially inland) and an excellent choice of properties for sale on the Costa del Sol are just some reasons Spain still reigns.
You might get the beach to yourself in Cape Verde, but you couldn't spend Saturday afternoons at IKEA.
For more information about CLC Estates visit www.clcestates.com
For more information on Club La Costa visit www.clublacosta.com
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