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About Spain
The Spanish Property
Market
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With 325 days of sunshine a year, it's no surprise that an estimated
half a million Brits have already chosen to make Spain their home.
But it's not only the climate that makes Spain the hottest place to be.
A low cost of living, healthy diet, 370 blue flag beaches, premier golf
courses and superb
infrastructure all ensure a superior quality of life for émigrés and
holiday home owners.
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The slow and relaxed pace of life looks set to
continue to attract buyers for years to come. Spain scores top
marks in attracting buyers, with the country accounting for 41% of
overseas properties bought by Britons. Predictions are that the UK
Spanish property market will almost double within the next five years,
with a further 99,000 Brits buying property during this time.
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Tourists Boost Rental Potential
But it's not just in the property market where Spain is beating off
the competition. 52 million tourists visited Spain in 2003
allowing the country to overtake the United States as the second most
popular tourist destination in the world. And with 60% of tourists
staying in private homes, the rental market is at its strongest.
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The
Costa del Sol is enjoying its fair share of the glory. Marbella,
Torremolinos and Benalmadena alone absorbed 64% of Spanish tourism last
year, confirming the coast's status as the only Mediterranean tourist
destination with a 12-month season.
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Building for a Bright Future
In 2004, a total of 640,000 new homes were built in Spain. This
represents no less than 40% of those initiated in Europe and predictions
show that two million homes will have to be built in Spain over the next
six years to cater for demand.
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Whilst such dramatic rises aren't
expected to continue, Spanish property prices are estimated to continue
increasing between 10-12% per annum, and yet they're still only 85% of
the EU average (BBVA).
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Winds of Change
Whilst the Spanish property market continues to grow and develop, the
type of people buying here are also evolving. Attracted by the
countless lifestyle benefits the Costa del Sol has to offer, house
hunters are no longer looking purely for an investment opportunity.
With ever-improving amenities and services, no-frills European airlines
and great value for money, buyers are finding it easier to enjoy their
investment than ever before. The onus is now on quality of life,
where 65% said they were attracted to Spain by the climate, 45% wanted
to spend more time outdoors and 40% were lured by the cheaper cost of
living. |
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