Spain now a lifestyle choice for UK buyers

Brits buying property in Spain are increasingly looking to the country for its lifestyle, rather than investment, potential.

While the Iberian nation has always been popular with foreign investors, largely based on its attractive climate and seemingly relentless price increases, it is now buyers looking for a family home who are considering a purchase.

"In the last four or five years Spain has seen a huge interest and prices were going up incredibly quickly," explained Paul Collins, property editor of investment advice site BuyAssociation.

"The investment side of things has tailed off a bit now so people are buying from a lifestyle point of view because they actually want that property in Spain."

According to figures from Property Showrooms, there are approximately 2.8 million foreign residents in Spain.

However, prices in the country witnessed a severe correction to date in 2008 – reducing its potential for investors in the short-term.

Yet, prices remain competitive when compared with the UK.

"I do think people feel they are getting priced out of the UK. I think people feel that there’s a more stable market in certain foreign countries than there is in the UK at the moment," said Mr Collins.

"Also the cost of entry is lower so a lot of first-time buyers are looking overseas as a first step on the ladder before they buy somewhere in the UK."

Furthermore, despite price falls, the country remains attractive.

"One of the attractions for a lot of people is the fact that the Spanish community and lifestyle is really easy to get into," continued Mr Collins.

"People enjoy the relaxed state of life and it’s very much family-focused - that’s something that people miss from the UK and it’s something that they like to get involved in when they go to Spain."