UK overseas buyers seeking retirement or investment made Spain the No.1 place for them to buy real estate abroad. It offered easy access by low cost airlines and affordable property as well as lower costs of living. 2009 saw a change in Spanish real estate fortunes and the withdrawal of the UK buyers interest on a huge scale.
It is fair to say that Spain's real estate market is in trouble with UK buyers. The Spanish property market has not only been victim of oversupply and house price falls but also a scandal concerning planning permissions reversals.
A survey by overseas property website Homesgofast.com found the number one concern for overseas buyers considering buying real estate in Spain were fears over planning regulations.
The survey targeted people that had inquired about buying a property in Spain over the last 12 months and received 1024 replies. 63% of respondents were located the UK. The results showed that second largest concern from buyers related to the decline in the Spanish property market and house values. The survey also uncovered a fear amongst international buyers concerning fraud and being victim of a scam
The survey asked "what was the number one concern when considering buying a property in Spain"
Survey results
36% - Planning permission issues
23% - Spanish property market / decline in house values
19% - Fear of being subject to scam/fraud
14% - Currency exchange fluctuation uncertainty
8 % - Other
In recent news around 800 British and Irish residents marched in Almeria after demolition orders were issued for eight expat-owned homes in the nearby town of Albox. The owners are appealing but it is feared many more homes are under threat after Spanish regional authorities' overruled planning permission. It is said that thousands of Britons have bought Spanish properties in good faith, only to find they were illegally built on protected land.
Is this an opportunity for other regions?
Will the Spanish property market bounce back?
I've been reading a lot about these types of problems for UK purchasers in Spain recently.
Boy that is a small drum. Neat to remember what other countries have for real estate markets. The world is smaller.
I think this could leave UK buyers seeking other regions that offer similiar lifestyle