Money Transfer News: Spanish properties 'continue to attract British ex-pats'

Brits are still choosing to undertake a euro exchange and buy property in Spain, despite the country's housing market remaining weak.

This is according to the Overseas Guides Company, which offers tips on purchasing overseas real estate and has seen a rise in the number of people requesting its booklet on the European nation.

Director of the firm Kim Brown told online magazine Easier that Brits are likely to be attracted to the area for lifestyle reasons and that these could override bad news about the property market.

"The country continues to appeal because of its high level of Britons already living there providing a settled community of ex-pats," she said.

Other factors tempting UK residents to make a money transfer and jet off to the nation include the weather and the ease of travel between Spain and home, Ms Brown added.

The Overseas Guides Company has seen a 24 per cent increase in the number of people requesting tips on buying property in the country and it's possible those taking off to the Costas are taking a little less cash to the currency exchange, as Easier noted house prices have fallen in the territory.

Furthermore, flights to the nation are down, with many discount airlines offering more flights and destinations to Brits going to Spain.

Another cost-saving perk of emigrating to the country is that food prices are lower, the news provider added.

Ms Brown explained that her parents had come across problems when they bought property overseas, which inspired her to set up her firm, but this may no longer be too much of a problem for ex-pats as Easier reported that committees have been established to ensure real estate sales go smoothly.

All of these benefits seem to have encouraged thousands of Brits to pack their bags and relocate to warmer climes, as the news provider highlighted recent comments from British Ambassador to Spain Giles Paxman, who told Radio 4 that more than 800,000 people from the UK now live in Spain.

This compares with the figure reported by the British Embassy that 274,000 ex-pats had set up home in the country.

Taylor Wimpey Espana, a real estate developer in Spain, recently stated that property in Costa del Sol remained popular throughout the recession.

Posted by Thomas Smith

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