Buying property in Spain, France, Portugal, Italy and Greece is back in demand, with property site Rightmove reporting 1million searches in one day.
As travel restrictions ease, interest in buying property overseas has reignited with the number of Brits searching for a place in the sun rising. The top five property locations for Brits are Spain, France, Portugal, Italy and Greece, according to search data from Rightmove last month.
Rightmove sees a surge in interest in European destinations
Rightmove’s Miles Shipside said: “Lockdown has allowed many people time to re-appraise their lives, which has prompted lots of home-hunters to get serious about buying elsewhere in Europe. In particular, countries such as Spain, France, and Portugal have cultures that are familiar to us, and their warmer climates and reasonably priced rural stock will appeal to those who have been recently denied foreign travel.”
He added: “Social distancing would be far more straightforward if you’re lucky enough to be able to afford your own overseas pad. If other holiday-makers feel the same, then they may wish to rent your property, helping it bring in an income when you are not there. It’s still early days as we’re not out of lockdown yet and most airlines are still shut, but this is an indication that this has been a life-changing period for many who are re-appraising both how and where they want to live.”
According to Rightmove, enquiries to estate agents overseas reached the highest level since last June, with the number of new users on “Rightmove Overseas” being 41 per cent higher than the same month last year. Rachel Beaton, an overseas property expert at Rightmove, said that with the easing of the travel restrictions the demand for overseas homes rose to “record-breaking levels.”
Particularly, searches for property in Spain increased by a quarter compared to last June, with many estate agents reporting a surge in online browsing and enquiries for overseas homes in the month of June.
Estate agents at Savills told financial website This is Money that “its most viewed home online in Spain over the last month was a remote five-bedroom £572,475 home in Andalucía, complete with sweeping views of the surrounding countryside, 10 hectares of land, a large swimming pool and an olive tree lined driveway.”
Spanish digital platform allows Brits to apply for a mortgage online
With interest in Spanish property rising, Spanish retail bank, CaixaBank, is providing its online platform HolaBank for Western European citizens considering buying a property to apply for a mortgage. The new digital platform comes after the release of digital mortgage application MortgageNow, another service which allows potential international buyers of Spanish property to apply for a mortgage from their country. Clients eligible to use the MortgageNow are European residents with an interest in purchasing a property in Spain.
In 2019, the Spanish Land Registry reported more than 62,000 property purchase agreements, particularly focussing on the Mediterranean coast, a number that represents 12.5% of the national total.
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