Spain holds "attraction" for expats

Money transfers to fund mortgages on Spanish properties have increased, according to industry experts.

Investment website Rightmove.co.uk recently highlighted figures that reveal an increasing number of Brits are making international payments to purchase homes in the country.

Robin Wilson, head of overseas at the portal, stated his belief that UK emigrants are keen to snap up property in Spain due to a fall in house prices.

Figures from house price index Tinsa show that the value of homes in the region decreased by 10.1 per cent in the last year, with homes located on the coast seeing a 12.3 per cent reduction in price.

"Spain appears to be maintaining its attraction for Brits," said Mr Wilson.

"We think this is to a large degree driven by bargain hunters, increasingly drawn to the scent of below market value and distressed sales."

Meanwhile, property rental portal holidaylettings.co.uk recently reminded expats that they may benefit from tax breaks if they are transferring money to furnished holiday homes located in Europe.

Click here to make an International Money Transfer.

By John Mills.