If you are looking for an overseas property bargain, now could be the time to buy. And, new research from a leading property portal suggests that is exactly what thousands of British buyers are doing this summer.
With prices in the leading European markets having fallen considerably over recent years, Brits are heading abroad to bag themselves a property bargain.
Huge increase in interest in foreign homes
According to the Primelocation research, searches for property in Spain, Portugal, Italy, Ireland and Greece increased by 134 per cent in the year to the end of August 2010.
Searches for Spanish property showed the highest increase, rising by over 145 per cent in the last 12 months. 123 per cent more people searched for Portugal property this year with almost double the number of British buyers looking for Italian homes.
Buying at the bottom of the market
Ann Wright, international development manager at the website said: “The economic difficulties in these countries have been well documented and they have contributed towards a huge surge of activity in Brits searching for properties in these markets.”
This sentiment does make the results of the research slightly surprising, considering Spanish property prices are continuing to fall, whilst Portuguese property prices have risen by a small amount over the last eighteen months.
The website believes that foreign property buyers will continue to help prices stabilise prices in the most popular markets. Ms Wright added: “In the case of properties in the Mediterranean they have held up well as demand from overseas buyers remains strong.”
So, if you are looking for a good value property investment – particularly in Spain or Portugal - then now could be the time to buy.
Are you looking to buy property in Spain ? Estepona , Torrevieja , Orihuela Costa , Ciudad Quesada , Puerto De Mazarron
Are you looking to rent property in Spain ? Madrid , Barcelona , Sevilla , Granada , Cumbre Del Sol
Author
Nick Marr
I am an internet entrepreneur with a passion for driving big audiences and a love for real estate. I have had plenty of ups and downs which has given me the experience to help others launch their own businesses. I enjoy projects that save consumers time and money, challenge convention and add real value to peoples lives.