Potential overseas property buyers are put off investing in Spain by the number of Brits already in place there, according to research from British Mortgages Abroad at GE Money Home Lending.
Despite the fact that Spain remains the most popular destination for second homes that owners could retire to in the future, as many as 82% of Britons who would not consider Spain as an option said that it is because they are repelled by the “pub-frequenting, fish-and-chip loving” culture of British ex-pat communities there.
Gerry Bell, from British Mortgages Abroad, said: “Spain's popularity with Britons is both its main advantage and its biggest downfall. Many are attracted to the country because they know others who have settled there or are familiar with the destination, others see it as a good long-term investment or simply enjoy the climate and culture.”
However, he continued, many see Spain as “a ‘Little Britain on the Costas’ and are keen to find somewhere with its own distinct culture and feel, rather than one which is so heavily influenced by a big ex-pat population.”
Four in ten mortgage advisors see Spain as the best long-term investment, but the survey found that of the 1,000 consumers and 100 mortgage brokers asked which factors would influence them if they were to buy a property abroad, the heart often ruled the head, and lifestyle commonly wins over investment opportunities.
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