Favourable exchange rates and improved access to mortgage products are refueling demand for Spanish property according to Belfast-based global property firm

Positive market conditions for overseas buyers have helped to position Spain as the most popular place to own a home abroad in 2015, according to Belfast-based global property franchise, BeckettHanlon.

The figures, which are drawn from the latest Quarterly Index by online resource OverseasGuidesCompany.com, show that Spain tops the list for UK buyers, followed by France and the USA.

The survey further revealed a significant overall uplift in interest in overseas property with a 31 per cent year-on-year increase in enquiries, compared to the same period last year.

Andalucía, Valencia and Costa del Sol were the most popular Spanish destinations in the June 2015 Rightmove Overseas Search Report, closely followed by Alicante and Malaga.

Commenting on the findings, CEO of BeckettHanlon, Drew Beckett said: “These latest figures are welcome news for the international property market.

“Favourable exchange rates are undoubtedly driving interest in overseas property while the increased availability of mortgage products is helping to widen the market. Purchasing abroad is now more achievable for younger buyers but retirees still dominate the market, with a staggering 63% of those buying abroad aged 55 years and over*.

“Spain has always been popular with buyers from Northern Ireland, and it looks like this is set to continue. With the drop in the value of the euro to the pound and low airfares, now is a good time to purchase a Spanish property. However, it is crucial that buyers do their research and seek professional advice, just as they would if they were purchasing a property in Northern Ireland.

“As members of the Association of International Property Professionals (AIPP) our aim is to ensure our clients buy safely abroad. That is why we carry out extensive checks on all suppliers and work closely with our developers, personally visiting each and every property to ensure it meets our exacting standards. Our goal is to make the purchase process as straightforward, transparent and seamless as possible.”

Managing Director of the AIPP, Peter Robinson said: “After almost eight years of low interest in the foreign property market buyers are flooding back, particularly to Spain where there remain a fast-diminishing amount of unsold properties suitable for the international lifestyle buyer. This has led to construction activity, once again, in the most popular holiday and retirement home destinations.

“Demand is now also being fueled by the resurgence of international mortgage products, opening the market to non-cash buyers.

“However, a word of caution for those considering purchasing abroad. Some buyers have relayed their negative experiences of buying a foreign property to us and in most cases it is because they didn’t carry out basic due diligence and they did not use an independent lawyer to conclude that professionally.

“At AIPP, we are concerned that as interest in foreign property continues to rise, people will buy without the required due care and attention. That is why we are working closely with our member partners to improve the standards of professionalism in the international property industry.

“Our advice is to make sure you’ve done your homework on the agent and the developer and, crucially, always use an independent lawyer.”

For more information on buying safely abroad, please visit http://becketthanlon.com

OverseasGuidesCompany.com, Q1 Index 2015 Rightmove Overseas Search Report, June 2015 *Rightmove Overseas 2013 Consumer Survey