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12th October 2007

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Spain's Popularity Fuelled by Cheap Euro Mortgages and Cheap Flights

The Spanish arm of the Halifax bank claims that the continued popularity of property in Spain has been fuelled by the demand for low rate Euro mortgages and the boom in low-cost flights.

Banco Halifax Hispania, a Spanish subsidiary of Halifax (the UK's largest lender) quotes figures from the recent Official Social Trends Report showing that Spain accounts for 27% of all second homes overseas owned by Brits. It also highlights recent research from YouGov which found that 50% of 18 to 29 year olds plan to buy property aboard.

"With the low cost of mortgages, many people have now realised that owning property in Spain is a real possibility and Banco Halifax Hispania has continued to see an increase in the number of UK residents wanting to buy property abroad," said Ian Smith, head of European operations at Halifax.

Euro mortgages of up to 80% loan to value at interest rates of around the 4% mark are easily available to UK buyers from the leading Spanish lenders all of which are English speaking and very user friendly.

An increase in new routes from budget airlines has also helped the Spanish market to take off, with research showing that the number of low-cost flights to and from Spain is up 25% on last year and low-cost operators within Spain have increased by 160%.

This has driven the development of new regional airports. The 3rd fastest growing in Spain is Murcia’s San Javier airport where a second runway is under construction. Home to the Polaris World Golf Resorts recently advertised on TV by Jack Nicklaus, Murcia is also set to benefit from a new international airport at Corvera to the south west of the city with the first passengers expected in 2009.

The Civil Aviation Authority recently reported that passengers from British airports increased to 217m in 2004, up 8% on 2003. Regional airports have seen passenger figures triple in the eight years to 2005 with a massive 9% growth in 2004 alone, taking the total to 88 million passengers.

Looking at the survey data in more, the highest growth in regional airports has been in Newcastle, which saw a 21% increase (0.8 million passengers), followed by Bristol at 19% (0.7 million) and Leeds Bradford airport at 17% (0.4 million).

Year on year, flights to Spain from the UK rose by 4% (1.2 million passengers) in 2004. Research from Euromonitor's 'Travel and Tourism in Spain' report also discovered that one to three day breaks are the fastest growing type of holiday in Spain - accounting for 37% of all trips in 2004.

James Espin. 10th May 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.