Published: Mon 17 Dec 2012 at 11:34
Updated: Mon 17 Dec 2012 at 11:37
A growing number of people who book cheap flights to the Spanish Costas for their holidays end up living there – in fact, Spain is one of the most popular places to buy foreign property in the world, according to a HiFX Property Hotspots survey.
Not everyone who buys property in Spain is an expat, of course. Many of the villas and apartments owned by Brits are bought as holiday homes - somewhere to fly out to when the weather is bad and generate a bit of revenue when the owners are back in the UK. A holiday villa is a good way to generate extra income too, offsetting the higher cost of living in the UK.
Whatever the reasons for buying, it seems more people than ever are snapping up property in Spain. This is not only the case at the Costa resorts, but also in cities like Barcelona and Milan. This ties in with the fact that a growing number of young professionals are choosing to buy property in Spain, as well as retirees. In March, the number of potential buyers stood at 16%. That figure has now risen to 19%.
Lower property prices are a major reason for this. Years ago, budget-minded buyers were restricted to run-down properties in need of renovation inland. Today, there has also been a dramatic drop in prices in coastal areas like Alicante and Malaga.
2013 could be the year to buy that dream holiday home-from-home, especially since Jet2.com has so many cheap flights to the Spanish Costas on offer, from a number of UK airports.
