Brits snap up property in Spain and Portugal as prices continue to fall

More and more Brits are taking advantage of falling property prices in Portugal and Spain to snap up bargain holiday homes.  Online searches and inquiries about property in the Iberian countries rose in March with a survey from Rightmove Overseas and foreign exchange company Moneycorp finding that the Spanish province of Valencia saw the biggest surge in home searches.

Searches for property in Spain and Portugal soar

The research found that searches for property in Valencia rose by more than 166 per cent, whilst inquiries about property in Costa del Azahar rose by 39.91 per cent.

Tom Whale, account manager at Rightmove, said that Andalucia, the Costa del Sol and Southern Spain regions remain popular with British buyers, especially as some properties are now 30 per cent cheaper than in 2007.

“No doubt the surge is spurred by the recent sunny weather, future holiday bookings and programmes like The Only Way is Essex, which mentions Marbella a fair bit.  But searches are also increasing now because buyers are cottoning on to the fact there is a huge surplus of properties available at greatly discounted prices.”

Falls in prices attracting Brits looking to buy property in Portugal and Spain

Searches and inquiries for property in Portugal also rose sharply in March – up 14.4 per cent from the previous month.  Mr Whale added: “Some agents are offering properties 30 per cent cheaper than in 2007, so there are plenty of bargains to be had.

With prices continuing to fall, more Brits are snapping up villas and apartments at rock-bottom prices.  Moneycorp dealing manager David Kerns said: “Savvy investors are making the most of the vulnerable property markets in Europe and there are bargains to be had with property in Spain and Portugal.”