Villas in Spain increasingly attractive for property investors

03 February 2005
The popularity of detached villas in Spain jumped 7 per cent to 22 per cent last year, according to Norwich & Peterborough Building Society (N&P).

However, apartments remain the top choice for people looking to move to the country.

Despite a drop of 7 per cent, apartments still control 49 per cent in 2004 of the Spanish mortgage market.

And the age of those moving to the Costas is coming down, with one in four now 31-40 and a third (33 per cent) were aged 41-50. Just 14 per cent were over 61.

"Buying in Spain is still growing in popularity and this could be a reflection of the rise in UK house prices which has helped many people afford to buy overseas by releasing equity," said Stephen Penlington, N&P's general manager customer service.

"In fact, N&P's lending in Spain increased by nearly eight per cent in 2004.

"Those who are looking to buy should move quickly though as Spain is overtaking the UK in terms of house price growth. Look now before prices rise out of reach."

To find out more about buying Spanish property, click here.
© DeHavilland Information Services plc