'British investors flock to Spain'

Spain is drawing investors looking to transfer money to overseas mortgages due to the country's slow property market, according to industry experts.

Estate agent Mercers recently revealed that enquiries from UK emigrants regarding houses for sale have increased in the past year, the Sunday Times reports.

Jason Baez Sulsona, consultant from the firm, explained that falling property prices have led to an influx of Brits wishing to make international payments to mortgages in Spain.

"I have a vast database of British buyers asking to be kept updated on new property coming onto the market around Jerez," he told the paper.

"They are anxious to flex their buying power and take advantage of a depressed Spanish market, which will probably be one of the last in Europe to recover."

Meanwhile, publication International Living recently named Ecuador as its top retirement destination owing to its affordable cost of living and comprehensive health care system.

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By Linsey Summers