British property buyers are beginning to return to Spain after prices there have tumbled and the British economy appears on the mend.
Although almost 90,000 expats left Spain last year, a new wave of Brits is slowly beginning to take their places.
Their profiles typically are retirees, including those who have taken early retirement, who do not need to find work.
The decline in house prices has been taking place since 2008, with some areas experiencing sharper falls than others as well as some types of properties retaining more of their value.
According to Your Viva, an estate agency on the Costa del Sol, prices have dropped a good 50% since their peak. Some properties there are still being reduced.
Your Viva reports an increase in the number of buyers from Britain this year and last.
Bank repossessions are also making their way onto the market which lenders are keen to see sold off.
Moneycorp, which provides money transfer services for property purchases, said it has seen a 37% increase in the volume of purchases in Spain in the last year.
The majority of buyers are believed to remortgage their UK property to buy abroad. Getting a mortgage with a Spanish bank is still very difficult. Buyers need to provide at least a 30% deposit and have another 14% ready to cover fees. They are also reported to be charged a higher interest rate than locals.
Some UK banks consider lending for foreign property, but the choice is still narrow.
