PALMA
SPAIN is the most popular place for Britons to buy a second home abroad, with its combination of near year-round sun and easy access from the UK, a survey has revealed.
The Worldwide Property Group said more than a third of people believe it is now a good time to invest in property in Spain following years of housing market uncertainty in the country.
The pound has gained in value on the euro recently making homes in Spain and other European countries more affordable.
However there are concerns over Spain's massive public debt and a further potential downgrading to its credit rating by Moody's Investors Service.
The Spanish government has denied it will be forced to follow in the footsteps of Greece and Ireland and accept a multibillion-pound bailout from the European Union and International Monetary Fund, but any deterioration could see house prices fall further.
VERY DEPRESSED
The US, which too has had a very depressed property market over recent years, is also popular with 20% saying they are interested in investing there.
Commenting on the survey, Kevin Wilkes, the managing director of the Worldwide Property Group, said: Around the world many locations such as Spain and the US now offer rock bottom prices, leading to resurgence in their popularity with buyers.
I fully anticipate that the increased interest in property will not only continue into next year but will increase substantially as the year progresses.
Another recent report stated that property in Majorca is currently the most sought after and has pushed France into third place on the list of UK overseas house hunters.
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