Spain increasingly attractive to older first-time buyers

Sunday, March 02, 2014

Spain increasingly attractive to older first-time buyers

House prices in the UK remain restrictive to many first-time buyers.

While a younger age-group dominates those looking to escape the rental market back home, a number of expats approaching retirement are choosing Spain for their first time buy.

With a property market full of bargains, the Costa Blanca is attracting a number of older buyers either priced out of the UK market or used to renting abroad.

Retired British expat Peter Tyler exemplifies a new demographic deciding to buy their first homes there.

Having previously rented in Switzerland and Africa, Mr.Tyler chose a move to the Orba Valley in Alicante.

With three bedrooms, Mr.Tyler's new home enjoys an 800sqm plot. Despite its initial price of €195,000, a deal with the private vendor eventually saw the property change hands for €145,000!

The agents who brokered the move, Home España, have reported a number of similar cases in the last 12 months.

For example, a British couple were also cited as choosing to buy in the Costa Blanca, having purchased their first home near Villamartin (Southern Costa Blanca) following a period of rental accommodation in Australia.

The company also echoed a more general buying trend in Spain - inland villages are proving increasingly popular with UK buyers due to their relaxed pace of life and cheaper prices.

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