Weak euro boosts interest in Spanish property

 

The Spanish property market is receiving a much-needed boost from British investors looking to take advantage of the strength of the pound compared to the euro, and buy property abroad.

Rightmove comented how Spain was currently the most popular country in terms of searches from UK residents during May - accounting for 22 per cent of the total enquiries made on the site.

The portal claims that Spain's popularity had improved conisderably due to the current exchange rate and more realistic prices now being offered by sellers since the decline in the property market.

Robin Wilson, head of overseas at Rightmove, said: "May was a great result for Spain, fed by returning confidence among buyers as the bad memories and headlines of last year fade.

"The improving euro exchange rate is definitely playing a part, up ten per cent on January this year and 20 per cent on January last year, meaning buyers' budgets can go further."

It could lead to an increase in the number of individuals looking to search for properties in Valencia, with the destination boasting a strong tourism market which buy-to-let investors could take advantage of.