Spain is the setting for over a quarter of our second homes. We look at the psychology of buying in a sunnier climate
‘The sun significantly influences the decision-making process of British second home buyers,’ says Dr Cliff Arnall, health psychologist and human happiness expert. Research shows that around 42 per cent of active home buyers in Spain are British, causing the Spanish market to rise annually by 12 to 15 per cent, so far claiming 27 per cent of British overseas property seekers.
As a result of Spain being sunny, inexpensive and easily accessible due to the increased number of no-frill flights to and from the UK, the property market rose by 12.8 per cent in 2005 compared with the local market at a mere five per cent. The slow-tempo suntrap is evidently the UK's most popular destination for second homes, according to Spanish property developers, Keysol.
‘The notorious SAD (Seasonal Affective Disorder), caused by decreased winter daylight hours, affects up to eight per cent of Britons and can strongly influence lifestyle decisions, including where to live,’ added Dr Arnall. One in six Britons will have depression at some point in their lives and is most common between the ages of 25 to 44.
Almost 260,000 Britons are said to own second homes abroad, with some reports showing a total investment of around £23 billion in overseas property, mostly in Spain, and showing a steep rise in value from £11 billion two years ago.
Keysol estimates that more than 50 per cent of British overseas property buyers make their choices based on having spent time holidaying in the region. The Government Office of National Statistics report that in 2004, UK residents made a record 42.9 million holiday trips abroad, an increase from 6.7 million in 1971; Spain was the most popular destination, indicative of the growing interest in Spanish investment.
Michael and Carol Sharp from Bedfordshire, bought their townhouse in Costa Blanca based on their love for the area; having watched it develop and flourish in parallel with their children who are now parents themselves. Michael said: ‘We are more relaxed here because we know the area. We didn't just buy a house in the sun; we invested in a better life in a place we've grown to love.’
Property Keysol's services director, Mark Hughes, is witness to the rising trend in British home buying in Spain, in particular in the Costa Blanca and the Costa Calida. ‘Spain's sunshine index is very attractive,’ said Mark. ‘With 320 days of sunshine per
year and an average daily temperature of 21C, there is little wonder why our clients are reserving their off-plan properties earlier now than ever before.’
Spain's 12 hours of summer sun versus the UK's five, offers no mystery why the British public have become obsessed with the Costas. In addition, the World Health Organisation has deemed Costa Blanca one of the healthiest places in the world to live.
Available properties range from humble apartments to stunning detached villas, making Spanish property affordable for a wider market. Select from two bedroom Keysol apartments for as little as £163 per month*.
No-obligation four-day inspection trips to the Costa Blanca and the Costa Calida are available through Property Keysol at only £89. Visit www.keysoluk.com or call 0845 6018306.
*Figures based on 40% deposit, excluding taxes, legal fees and closing costs. Based on interest only mortgage for up to 15 years, 3.47% (Mibor rate +1%), and arrangement fee 1%. Examples provided by St Georges International Finance. Mortgages in Spain are not regulated by the Financial Services Authority.
Michael and Carol Sharp moved from Bedfordshire to Benidorm – and haven’t looked back
Despite ambitions to retire at 60, Michael Sharp, a self-employed builder, took early retirement at 61 to realise his wife’s dream – a home under the Spanish sun. Michael and Carol have visited spectacular Benidorm for the past 35 years and, along with their children, had watched the area develop and grow to the highly sought-after area it is today. It was that intimate relationship with the region that made them want to spend the rest of their days in the surrounding quiet hills.
Only five weeks after placing their Bedfordshire home on the market in November 2005, the Sharps accepted an offer on their house and the decision to leave the UK was confirmed. Leaving behind three children, two grandchildren and a successful self-made business, the Sharps visited the Keysol Roadshow in the Milton Keynes.
Keen to find out more, they accepted an invitation for a four-day inspection trip. With the completion of the sale due any day and Michael preparing to retire, time was tight for further holidays, so the brief inspection trip was an ideal platform for the couple to visit the region and wet their appetite for the slow-paced lifestyle they were after.
‘The trip was incredible,’ said Carol. ‘Instead of the stressful time I perceived it might be, with endless walking, information overload and travel fatigue, it turned out to be like a mini getaway with the added bonus of seeing a few houses. The three-night, four day trip included wining and dining, something to remember indeed.’
An English-speaking Keysol representative greeted the Sharps at Alicante airport and drove them to their hotel in Torrevieja to freshen up and rest. After a brief meeting at the Keysol offices and a presentation on available properties matching their requirements, the couple was whisked off to Balcon De Finestrat, less than five miles away from Benidorm, 70 miles north of Torrevieja.
‘It was love at first sight!’ said Carol of the delicately urbanised Finestrat town. With Benidorm’s famous Gran Hotel Bali in view and only a five minute drive from the Terra Mitica Theme park, the location was perfect and the semi-detached townhouse spoke a thousand words.
The Sharps loved their new three-storey, three-bedroom home, with roof terrace, solarium, kitchen appliances and sea views to boot. At only £237,000 all inclusive and a £1,800 furniture pack, it was well within budget, and certainly a bargain for the dream lifestyle they were about to enter into.
As reality would have it, the decision was all based on the exchange of their house in the UK. Due to delays, the Sharps could not commit to the property in Spain, but there was absolutely no pressure from Keysol to pay a deposit. Keysol offered to hold the property irrespective of their situation in the UK, and made welcomed checks to offer their help or advice where required. Service was impeccable.
At the end of February the sale of the Bedfordshire house was completed and the Sharps returned to Benidorm. Without a place to stay until their Finestrat home was sale agreed, Keysol put the couple up in an apartment for five weeks, completely free of charge, until their big move to Finestrat on March 24. Carol added: ‘We couldn’t have asked for better assistance, they were absolutely brilliant!’ Keysol arranged all legal and financial matters, including their private pension, making the transition process as painless as possible.
Michael said: ‘Language is becoming less of an issue now, and instead, a healthy challenge. We are now teaching the locals English and they’re teaching us the translation, so what could be better? We are more relaxed, never in a rush, and life is cheaper and sunnier. We didn’t buy a house, we invested in a better life.’
Being the first people to move into the 60-unit Finestrat development, the Sharps aptly named their new dream home La Primera Casa, meaning ‘the first house’.