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Spain stands firm in face of competition

17th July 2007 | back to article listings BACK    print this article PRINT

New investment hotspots may be emerging all across the world, but it seems traditional favourite Spain is holding its own against the competition.

A new report by Holiday Lettings found that the well-established tourist market of Spain is still attracting investors. It added that a "growing number" of these cover their costs by letting their properties to holidaymakers.

And it seems there is no shortage of potential tenants, as Spain is one of the most visited countries in the world. Last month the World Tourism Organisation named France as the top destination for holidaymakers, followed by Spain.

Spain saw 58.5 million people enter the country as visitors last year, making it the second most visited destination for the third consecutive year. Low-cost air links to the country are flourishing, while the established expat community means many Britons will visit friends and family members in Spain.

Another contributing factor to high levels of tourist activity could be a growing consciousness of how travel habits impact on the environment. Eco-conscious Britons are believed to be shunning trips to far-off destinations and instead choosing to go on holiday closer to home in a bid to minimise their carbon footprint.

And buy-to-let investors are catching onto the apparent trend. Holiday Lettings reports that between June 2006 and the same month this year, more than 2,000 new holiday properties have been listed on its site.

Commenting on the report, Holiday Lettings managing director Ross Elder said the figures demonstrate the "ongoing attraction" of western Europe as an investment location.

"It is vital for investors that there is a sufficient tourism draw and affordable flights are available in order for holidaymakers to be drawn to these areas," he added.

According to Holiday Lettings, the Balearic Islands province is Spain's most popular destination for summer vacations in June, as it offers "an ideal short haul escape to the sun".

While the Spanish property market has reportedly experienced some strain recently, experts still claim there is great potential for gains. HiFX, the currency specialist, advised potential investors that "all" markets experience corrections from time to time and that if an individual is looking for a long-term investment, they can "still buy with confidence" if they "buy wisely".

The firm added that Spain will "always be a favourite with British buyers", as it has various options of low-cost airlines, a flight time of just two hours and great weather throughout the year.

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