Spain dominates top 100 overseas property destinations

Despite reports of a slowdown in demand among British buyers looking at Spain, the country and its regions, dominated the list of the most popular 101 overseas property destinations - taking up most of the spots in the first 20 locations.

The research, from the UK Wordtracker database, listed the 101 most popular search phrases online in the UK during the first quarter of 2008 - analysing over 200,000 search requests.

Spain, as a whole, came top of the list accounting for over 10% of total searches. Although the Costa Blanca (5th) and Costa del Sol (23rd) were the most searched-for regions, the popularity of the Canary Islands has increased significantly, while the towns and cities of Tenerife (8th), Murcia (9th), Marbella (11th), Mallorca (10th), Torrevieja (12th), Fuerteventura (15th) and the Costa Almeria (18th) all attracted a strong level of interest in the first 100 days of 2008.

This interest in Spain from UK buyers is also supported by the Association of International Property Professionals (AIPP) Market Report 2007, which found that some 25.4% of British property purchases abroad last year were in the country, followed by France at 17%. “Some may be surprised to hear that Spain is still at number one as the primary destination for Britons buying property abroad as there has been some negative media coverage over the Spanish property market,” said Paul Owen, CEO of AIPP. “However, our figures show it is still the favourite destination for the British buyer; even a 6% decrease in purchases did not manage to knock it from top spot.”

AIPP research, which is based on completed property transactions, claims that the average spend by British buyers on an overseas property in 2007 was £99,200. With 242,000 purchases last year, it adds that £24bn was spent on overseas property by British buyers.

OPP Knowledge, a survey of British overseas property buyers undertaken by Datamonitor last year, found that 3.81m homes were owned by UK and Irish buyers who spend an average of £122m a day on international homes. Valuing the market at £44.4bn, both consumers and property companies surveyed predicted that this would double over the next decade.

Region share of top 20 searches:

1 Spain 10.84%

2 France 4.58%

3 Bulgaria 3.65%

4 Cyprus 3.37%

5 Costa Blanca 2.42%

6 Turkey 2.24%

7 Dubai 1.87%

8 Tenerife 1.77%

9 Murcia 1.42%

10 Mallorca 0.90%

11 Marbella 0.88%

12 Torrevieja 0.86%

13 Morocco 0.85%

14 Portugal 0.78%

15 Fuerteventura 0.77%

16 Florida 0.73%

17 Villamartin 0.72%

18 Costa Almeria 0.65%

19 Prague 0.63%

20 Gran Canaria 0.59%

In Tempo defies the crisis

The skyscrapers keep getting higher in Benidorm and three years from now, the highest residential block in Europe will be finished. After one year of moving earth and laying foundations, to a depth of 17 metres, the In Tempo building now boasts signs of life and the first three floors are visible. Last week, a mini celebration took place to commemorate the first anniversary of work starting on the site. Also worth celebrating is the fact that nearly 50% of the project is sold already, and that in the current economic crisis.

The dimensions of the skyscraper are impressive, with it due to reach 200 metres in height, distributed over 55 floors and two towers that will be joined by a central piece in where the most expensive properties will be located (approx 6000 Euros per square metre). Such properties will cost 2.4 million euros. The current highest residencial block in Benidorm is Torre Lugano which actually rises 220 metres above sea level as it is located on the side of the Sierra Gelada. Stunning sea views would be an understatement.

The building is designed by local (Alicante) architect Roberto Perez-Guerras who has defended the skyscraper model of town planning typical of Benidorm over the last forty years as the most efficient and ecological form recognised.

It certainly will be a stunning building and would not look out of place in any capital city of the world.

What annoys you most about estate agents?

A highly amusing piece from the Daily Telegraph regarding everyones favourite professional.
Enjoy.