Spain proving popular for an international payment

Spain is proving a favourite place for British property investors even though the market is unlikely to see growth for some years, it has been reported.

There have been plenty of international payments to Spain from people in the UK over recent months despite the global recession, according to Primelocation.com.

The organisation's research found international money transfers to Spain are likely to continue to grow, with more than 30 per cent of all searches for overseas property on the website in May this year focusing on the Spanish market.

However, Paul Bradley, a spokesperson for the Spanish Property Owners Guild, warned that people are unlikely to see property prices rise in Spain for another three or four years, meaning their investments should be long-term and not designed to make a quick profit.

"Bank lending for property may have increased in the UK, but not in Spain," he explained.

The Spanish Property Owners Guild site was created by Spanish property owners, Spanish lawyers and Spanish accountants who live and work in Spain and have come together to provide a professional information service in English about everything to do with Spain.