Britons hunting sun buy half new coastal homes

15th July 2004, Comments 0 comments

15 July 2004, LONDON — Britons buy four of every 10 new houses built in Spain's coastal areas last year for vacation or retirement homes, according to a study published Thursday.

15 July 2004

LONDON — Britons buy four of every 10 new houses built in Spain's coastal areas last year for vacation or retirement homes, according to a study published Thursday.

The report by Barclays Bank said thousands of Britons looking for sun and sand have purchased homes in Spain and France, according to the report.

Britain's booming housing market, boosted by low interest rates, has sent housing prices skyrocketing, forcing Britons to look elsewhere for opportunities.

The average cost of a house in Spanish tourist destinations, such as Benidorm and Mallorca, is EUR 130,000 (USD 160,685), while that figure was EUR 120,000  (USD 148,000) in France, making these countries attractive places for Britons to purchase property.

The flow of British money into Spain has pushed housing prices up at double-digit rates in attractive areas such as the Balearic Islands.

[Copyright EFE with Expatica]

Subject: Spanish news

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