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The Spanish property market has seen great falls in sale prices over the last three years from the earlier boom times. However buyers have to be still be very careful because not all of these are the bargains they appear to be.
In the boom years before 2007 there was considerable overbuilding on the Spanish Costas to satisfy the hugh demand for holiday properties in the sun. Much of these developments were over priced and in poor locations with no amenities nearby. Many bought properties financed by remortgaging their property in their home country to fund the deposit and with a Spanish mortgage for the balance with the idea to rent the property out to pay for the mortgage payments. This was not a unique idea with hundreds of thousands of properties sold on the same basis.
Even before the world wide property crash it was evident that there were not enough new holiday renters to make this investment idea viable. Once the property bubble burst and Spanish property values started to fall many buyers were unable to meet the mortgage payments and eitherhad their property repossesed by the banks or had to hold a "fire sale" with large losses. This further depressed the property market in Spain.
With asking prices for properties in Spain now some 30%+ lower than in 2007 buyers have returned to the market in search of bargains. Although there are some superb Spanish properties for sale at attractive prices, the majority of properties are on developments that should be avoided. The rules arestilthe same - Location, Location, Location.
Hot Properties in Spain.com is a family run company now in its 10th year and as we cover the whole coast of Spain including the best inland areas we have built up a knowledge of the best locations and also the not so good locations. One of the services we offer is for prospective buyers of Spanish property to compare the prices and benefits for different regions and areas of Spain so that you first choose the location that best suits your lifestyle requirements.
For further details of this unique service please contact us by email or telephone.
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HOT PROPERTIES IN SPAIN.COM
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