Despite the credit crunch, rising cost of living, and the inevitable recession, the British people have not slowed down their spending when it comes to Spanish property, claims one expert.

 

The European sales director for Atlas International, James Dearsley, has said that whilst there is a recession in Britain, many people have realised the potential of Spanish properties after their prices plummeted. The prices are so low, that hopeful Brits are snapping them up with the possible promise of making a profit once the market picks up again.

Mr Dearsley noted that the Spanish property market had seen “the return of the property investor knowing there are good returns to be made both from capital and rental investment perspectives”. He also stated that over the course of the last year, the number of Spanish properties sold to British buyers has increased, because the British have had “a love affair” with Spain for decades.

In July, Spanish house prices dropped by an average of 6.4%; that is according to the latest review of the General Spanish Real Estate Index. The properties on the Mediterranean coast also saw their value decline a lot steeper than in other areas, as they fell by around 9.5% year on year.

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