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Follow on Google News | Spanish Property Presents Bargains, Tenerife Growth ContinuesSpanish property prices could drop by up to a fifth in the next year, according to market experts.
By: Les Calvert Another study released shows that the number of British people buying property abroad has risen significantly since 2001, and that 54% are buying overseas property as holiday homes or as retirement homes. For these people, many of whom will buy in Spain; further price drops are great news. While price-drops in Spain are a very negative event, especially for those who invested before the crash, but Liam Bailey, chief market analyst for overseas property portal Property Abroad talked about some of the positive aspects of the drop in prices. "Spain is still the most popular destination with overseas property buyers, and that is almost completely undeniable owing to the fact that several recent overseas buyer surveys have put Spain in first place. And with Spain's popularity with tourists remaining strong, this translates to higher rental yields on Spanish property. In the current climate, most people are buying-to-hold for the economic recovery, and I would recommend buying a property in Spain with this in mind more-so now than I would have a year ago. If you can get a real bargain, and I mean a good property, cheap as chips in an area not over-developed, buy it." "Despite the situation in Spain," continued Bailey. "Tenerife property has continued to grow in value; in the middle of 2008 a studio on a resort complex in Los Cristianos could be bought for €57,000. We (Property Abroad.com) are now listing the least expensive resort complex studio in the same area of Los Cristianos for £62,000, which converts to over €67,388, a price rise of £10,000 (just under 5%) in 6 months. Now undoubtedly some of that is because of the change in the sterling/euro exchange rate, but in today's climate a price-rise is a price-rise. "I am also happy to see Tenerife properties continue to grow in value, because that is what I predicted 6-12 months ago." About Property Abroad Property Abroad is rapidly growing into one of the best known, trusted and most successful overseas property portals in the U.K. With a slick dynamic site and very reasonable rates Property Abroad currently has among the most extensive worldwide property listings on the net. To find out more contact Liam Bailey on liam@property- Property Abroad LTD 182 York Road Hartlepool TS26 9EA www.property- Chief Marketing Analyst Liam Bailey liam@property- # # # Overseas property portal with more than 70,000 properties for sale direct from agents, developers and private sellers across the world. Buyers guides, maps, country guides, articles and useful information on buying a property abroad. End
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