Brits investing in Spanish property going for villas
Norwich and Peterborough Building Society (N&P) has found the popularity of taking out a mortgage for a detached villa in Spain is increasing.
Although most Brits opt for an apartment when investing in a home in Spain, the popularity of detached villas rose seven per cent to 22 per cent last year, N&P said.
This compares to a reduction of seven per cent on apartments, from 56 per cent in 2003 to 49 per cent in 2004.
A recent report found that property values in Spain increased faster than those in the UK in 2004, with France the only EU country that had a greater increase in house prices.
A typical N&P customer investing in a mortgage in southern Spain borrows just over 50 per cent of the value of the property they are buying, the research found.
Their average £113,000 mortgage is arranged to be repaid typically over 16 years.
Meanwhile a quarter of those who bought a property in Spain during 2004 were aged between 31-40 and a third (33 per cent) were aged 41-50. Only 14 per cent were aged over 61 years old.
Source:
www.myfinances.co.uk/investments/brits-investing-in-spanish-property-going-villas-$7717531.htm
