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Spain suffers from its popularity - 12 July 2007

New research has shown that the very reason why many people buy in Spain is a major factor in putting people off heading to the Costas. A survey conducted on behalf of GE Money Home Lending has shown that 82 per cent of those who would not buy property there are concerned about the stereotypical image of British expats.

The pub-dwelling, fish-and-chip-loving culture that many people see as characterising life on the Spanish coast is the major factor in putting people off. Whatever the validity of this impression, the ‘Little Britain on the Costas’ is leading many an investor to look further afield for somewhere they see as having its own distinct culture and offering a more ‘authentic’ experience.

At the same time, this is a factor which many people see as a great sign of the success of Brits buying abroad. There is also some large degree of contention over whether this is a true reflection of life on the Costas. Sure enough, there are some very strong communities among expats, but many of these integrate to a large extent into local life.

The other clear distinctions that have come up through this study of 1,000 consumers and 100 mortgage brokers is that, even in these days of hard-nosed investment, the heart rules the head, and lifestyle purchases continue to outweigh investment.

Spain is still the most popular destination for Brits buying property overseas, with some 36 per cent of respondents saying they would consider a property there. France and Italy followed closely behind, with people citing their culture, transport links and lifestyle as major advantages.

 

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