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12th October 2007

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Brits spent 20 billion on property overseas in 2006 says the AIPP and nearly a third bought in Spain

The Association of International Property Professionals (AIPP) has estimated that nearly 20 billion was spent in the international property market by UK buyers this year.

Commenting on the launch of its Global Market report at OPPLive 06, AIPP’s Chief Executive Paul Owen said: “The size of this market now is incredible. With so many new markets and new buyers, it can feel at times that the possibilities are endless. In many ways they are, but so are the potential problems. As a non-profit membership organisation, we are working to make the industry much more professional; the size of the market these days and the needs of the client demand that we do so.”

The report found that nearly a third (31.6%) of overseas properties bought by Brits are in Spain. “This report confirms that, despite the massive increase in emerging markets, nearly half of overseas property purchases by UK buyers are in a country they know, one in which they’ve spent many holidays and, possibly, learnt the language a little at school,” continued Owen.

The findings are good news for those who have bought or who are considering buying a property in Spain. For any property market, good accessibility and economic stability are of course important contributors to its growth potential. For property values to hold and increase in the future though, it is essential that the next generation of buyers is likely to be attracted to the area and Spain’s huge popularity with the Brits and therefore, our great affinity with the country stands it in very good stead.

There are still excellent buys to be made in Spain’s emerging regions and the shrewd investor can still expect good capital growth. Take Murcia for example, where numerous low cost flights from the UK already make it a practical weekend destination and a new airport is under construction. Here, a 2 bedroom off plan apartment on the well known Jack Nicklaus advertised Polaris World Golf resorts can still be snapped up for just over £80,000 at today’s exchange rate. With an already good infrastructure developing rapidly and fast economic and tourism growth, the potential for capital growth is excellent.

The full AIPP report, ‘The year in international property, 2006’ will be completed in early 2007 and is expected to reveal approximately 200,000 purchases will have been made by buyers from the UK in 2006.

James Espin. 22nd December 2006

About Polaris World & Polaris Golf Property UK

James & Debbie Espin are Directors of Overseas Property UK, the parent Company of Polaris Golf Property UK which specialises in the promotion of property for sale on the unique family of seven Polaris World Golf Resorts in Murcia, Spain featuring nine Nicklaus designed golf courses. Since being introduced to Polaris World at its outset more than four years ago, they have built up a widespread knowledge of the resorts, the Murcia region and the buying process in Spain as well as the extensive range of property, home and lifestyle services that the Polaris World companies offer to their clients.

For Editors

James & Debbie Espin are available to comment on Polaris World and the property market in Spain. Please contact them by telephone in the UK on 0845 4 66 55 44 or by email.