News: Brits savour Spains old favourites

Wed, 17 Oct 07

The latest independent data from Kyero.com, the award winning Spanish property portal, reveals that there is hot competition for Spain's most sought-after properties...

In Q3 (June – Sept 07) the most searched-for property on Kyero.com was a 3 bedroom villa under €150,000, however only 244 results out of 90,000 matched this criteria meaning that 0.3% of available properties were being sought by over a third of potential Spanish property buyers visiting the portal.

Martin Dell, MD of Kyero.com, comments, “There is clear a disparity between properties currently available and what British buyers are seeking. It seems that buyers have not increased their budget in line with inflation, let alone the 15-25% annual growth experienced in Spain's boom years.

A need to adapt

Some buyers clearly understand the need to adapt their buying criteria as there has been a rise in interest in larger resale properties, especially those in up and coming, and often cheaper, inland provinces.”

In terms of location, results from Q3 revealed that the old favourites of the Costa Blanca and Costa del Sol (the provinces of Alicante, Malaga, Granada and Almeria) remained the most popular, accounting for 76% of all visitor interest.

Interestingly in Malaga, 23% of visitors searched for property up to €350,000 suggesting that the province is attracting a higher proportion of affluent buyers compared to the 12% nationally who were seeking property in this price range.

Looking at higher price brackets, Girona - Spain’s wealthiest province - saw a huge 41% of visitors searching for property between €500,000 and €1 million. The Balearic Island of Mallorca, where Hollywood A-listers Michael Douglas and Catherine Zeta Jones own a home, attracted 7% of buyers searching between €1 and €2 million.

Brits branch out

In contrast, Tarragona province on the Costa Daurada in north eastern Spain emerged as the hotspot for bargain hunters with 36% searching for property under €50,000.

Lastly, the Q3 data from Kyero.com revealed that British buyers are not only searching for residential property in Spain. On the popular Canary Island of Lanzarote, the most searched for property type were commercial units accounting for 65% of visitor interest.

Visit www.Kyero.com to view 90,000 properties for sale and to rent from 900 estate agents throughout Spain.

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