Young home buyers choosing Spain for family home in the sun

For the last five years Spain has been building more than three times as many properties per year compared with the UK, despite its smaller population (43.5 million compared with 60 million in the UK) yet demand from residents and foreigners alike is continuing to drive up prices in the region.

Despite recent figures released by the Spanish Ministry of Housing that suggest annual property inflation in Spain has fallen below 10% for the first time in five years (to 9.7%), SmartNewHomes.com says that demand for new homes in Spain is still strong.

David Bexon, Managing Director of SmartNewHomes.com said: “Spain has always proved a popular destination for UK home buyers looking for somewhere to retire to. However, over recent years the market has experienced an injection of new life with the number of younger home buyers looking to invest in a second home here steadily on the increase. Younger home buyers with families view Spain as a safe and reliable destination and with no jet lag and an improving number of attractions geared to families, including water and safari parks as well as water sports it is proving increasingly popular with this buying group.

“Spain’s general appeal can be largely attributed to all the clichés: warm climate; close proximity to the UK; cheap flights and the comfort factor associated with buying somewhere that is seen as an established foreign market.”

Listings of new Spanish homes on the SmartNewHomes.com site have risen dramatically over the last year, with visitor numbers in the second quarter of 2006 exceeding 50,000, a clear indication of its popularity with UK buyers.

The latest survey by the Institute of Public Policy Research (IPPR) has concluded that over 5.5 million British born people currently live abroad, with Spain and Australia noted as the top locations - a statistic reinforced by results of a recent magazine poll that listed Spain as the top destination for those looking to buy abroad.

Lisa Griffiths, European Sales and Marketing Manager for Taylor Woodrow de España, added: “We have experienced a continued demand for new homes in Spain, with typical tourist locations such as Mallorca, Costa Blanca and the Costa del Sol proving ever popular with our clients.

“We have experienced a significant change in the age range of our client base, with many younger buyers now looking to purchase a new home, either to move into and live in Spain permanently or to purchase for investment purposes.”