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Other Brits put off Spain property investors

Wednesday, 11 July 2007 12:00 AM

Spain may be one of the most popular places for Brits to invest in an overseas property, but its biggest drawback is there being too many of us there already.

That is according to research out today from GE Money Home Lending, which finds over eight in ten investors say the most off-putting factor when it comes to buying a Spanish home is how many other Brits are already there.

"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," commented Gerry Bell, of GE Money Home Lending.

"However, many see Spain - rightly or wrongly - as being 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."

Looking at the wider overseas property investment market, Mr Bell said: "Although new emerging Eastern European markets are looked upon as good short-term investment opportunities, we can see that most Brits are looking towards their dream holiday home as a location they can retire to in future years and for ease of living whilst abroad.

"What is interesting is the emergence of Florida as a key holiday home destination as flights to the US become more affordable, strengthened by the current excellent exchange rate and the ease of conversing in the same language."

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