Property in France and Spain still on top despite debt crisis

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Despite the economic turmoil data has revealed France and Spain are still the favourite destinations for property hotspots in the sun for 2012.

UK adults are not refraining from considering Spain and France as their property hotspot despite the continuation of the debt crisis in Europe.

According to the latest search report from Rightmove Overseas 21.01% of searches for overseas property were for Spain followed by 17.91% for France.

Spanish locations such as Villamartin and Torrevieja have already experienced an upsurge in interest according to Shameem Golamy, head of Rightmove Overseas:

“This is probably down to the British people who like to look for property where they holiday. Other European destinations, such Brittany in France have also seen increased levels of property interest.”

Renewed interest in Spain may be due in part to a 30% decrease in property prices since 2007.

The weak Euro means that buyers can also snap up property bargains in France.

Property is cheap in Spain but buyers are being warned that further depreciation is expected to continue to affect future returns.

John-Luke Busby of French Private Finance added that mortgage conditions were also favourable in France:

"The French mortgage market is one of the most active in the world with some of the best conditions for non-residents and also expats," he said.

"Those expats working for a large international firm on a permanent basis can expect the widest number of offers from different banks."

Transferring money to France

If you are looking to invest in France, think carefully about how you will be transferring money to France. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to France – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Property in France and Spain still on top despite debt crisis

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