Fears over the market being overvalued and that a correction of prices may be on the cards have started to manifest but those working in the country say this has not put UK buyers off. Natwest International
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said this was due to a change in buyer dynamics, away from investors looking for profits towards those looking to spend time in the country.
Darren Fretwell, head of UK sales, international mortgages, at NatWest International, said: “People will always buy for different reasons but now it seems much more for the emotional attachment and not the promise of massive returns. For those people who think family holidays will be cheaper and they can escape for weekend breaks, then it’s a country which is accessible and the lifestyle is also appealing.”
Joe Gomez, business development manager for Spain at Norwich & Peterborough BS, admitted there was a period at the start of 2000 where the market was flooded with people looking to make a fast profit on off-plan property but this had now collapsed.
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However, there was plenty of life still in other areas.
“There hasn’t been a crash but the heat has been taken out of the market. The coastal and the resale markets continue to be popular, driven by people seeing what they can buy. Discounting on off-plan is bringing people back but firms are having to work harder.”
