Significant rise in interest in Spanish properties reported

 

There has been a significant increase in the number of Brits searching for bargain Spanish properties following the country's economic downturn, it was revealed today.

Portugal's recent misfortune is also leading to increased property inquiries there, a survey commissioned by property company Rightmove Overseas and foreign exchange firm Moneycorp concluded.

It was also found that inquiries for properties in Australia and New Zealand dropped the most last month.

In total searches for all property overseas grew by 1.2% in March 2011 compared with the previous month, the survey revealed.

The province of Valencia in Spain saw the biggest increase in searches - with growth of more than 166%.

Overall, interest in Portuguese property rose 14.36% last month, while Greece was up more than 6%.

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."

Shameem Golamy, head of the overseas section at Rightmove, said: "The current climate means that if you are a buyer, you are spoilt for choice among the hundreds of properties with huge price reductions available, all over the Mediterranean."