We don't love Spain any more by Finance News Bulletin

Published: 22/12/06

Britain's long possessions love-affair with Spain is going cold UK nationals who emigrated with dreams of a untroubled retirement are returning home in increasing numbers And a leading mortgage commerce says the country is no longer at the top of the list for families seeking vacation homes or buy-to-let propertiesBROKEN vision: Life in the Spanish sun is not always as peaceful as it seems when viewed from Britain• Widespread corruption among planning officials that could consequence in properties being repossessed

Simon Conn, managing director of abroad mortgage specialists, Conti Financial Services, has 25 natural life' experience of the Spanish market He says: 'Spain is no longer number one Parts of it are still buzzing, but many people are put off because there is a group of corruption Some areas have become overpriced and over-exploited as local agents have become more mercenary

'overseas exchange company Moneycorp says it has seen a marked add to in the number of Brits selling up to approach back to the UK ' The repatriation of money is a growing tendency that we have noticed from clients living in Spain, France and Cyprus,' says older marketing executive Denise Blackburn'We have seen a 10% increase between 2005 and 2006 in the number of enquiries from people trade their overseas property and moving back to the UK So distant in 2006, 72% of repatriation enquiries have been from persons looking to exchange their euros for genuine, while 18% have been from Brits looking to swap their US dollars, to move back to the UK

'Blackburn quotes the example of a Moneycorp customer who recently returned to Britain after living in the Valencia region of Spain for a day and a half 'Initially he enjoyed the characteristic Spanish lifestyle,' she says 'However, after a while he found that the growing figure of Brits moving out to Spain and the 'Brit civilization' they brought with them detracted from the typical Spanish method of life he had enjoyed rising noise and crime levels in the area were also factors

'Simon Conn says Brits are looking to buy in France, Portugal, Cyprus, Greece and Italy However, while Spain's fame is declining, parts of the country are still attracting overseas buyers Valencia, which will crowd the America's Cup in 2007, is still very popular, he says, as are the Canaries and BalearicsConn was recently in Cyprus where he says Paphos on the south west shore has become 'very English'

Cyprus is trying to limit the number of Brits trade possessions and pricing out the locals, by making buyers put down well-built deposits, but he says it is possible to buy on the isle of Malta with only a 10% deposit Portugal, too, does not undergo from the Brit cultureSpain's problems with dishonest officials led to several council officials in Marbella being jailed earlier this year

The planning disgrace may consequence in thousands of homes being demolished because they were built illegallyThe dark side of livelihood abroad was exposed by Bruce McIntyre, British Consul in Malaga He exposed last month that his office now spends much of its occasion trying to help aged and lonely expats who can no longer cope'Sometimes persons have made bad property investments or have not budgeted their pensions sufficiently and are living in great poverty

British retirees need to understand that not many European countries have welfare supplies like the UK - there are often no old people's homes, no district nursing, neighbourhood care or meals on wheels,' he saidThe Foreign place of work has published a guide, Going To Live Abroad, for Brits planning to leave your country Go to: wwwfco

govuk/travelConti monetary Services has a list of top tips for anyone planning to buy abroad Go to wwwmortgagesabroad

comSelect a loan term 12 months (1 day 24 months (2 natural life 36 months (3 natural life 48 months (4 natural life 60 months (5 natural life 72 months (6 natural life 84 months (7 natural life 96 months (8 natural life 108 months (9 natural life 120 months (10 years)Please select a kind of insurance Life insurance Home and contents Car Breakdown services physical condition - medical physical condition

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