Keeping the cost of buying down
Record numbers of British people already own a second home abroad, and millions more are thinking of pursuing the dream.
About 800,000 Britons have bought property overseas and more than 5m would buy abroad if they could, according to a survey by Mintel, a market-research company.
Spain is by far the most popular location. Two in five of those who own or would like to own a property abroad rate Spain as their preferred location.
Property in Spain is by no means cheap after years of strong house-price growth. A new-build two-bedroom apartment on the Costa del Sol that five years ago would have cost the equivalent of about £60,000 could now set you back £200,000 (€300,000). But lower interest rates than in the UK, cheap and frequent flights and the development of a range of services aimed at the large community of British expatriates have made it easier than ever to buy.
There are pitfalls for the unwary, though. Tax in particular is notoriously complicated. In the first of a new series, we answer the essential questions on buying a Spanish property.
Source: Business Times Online 25th February 2007
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