Grab a wow factor bargain!
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There has probably never been a better time to buy a property in Spain.
There are exceptional bargains to be had if you can move quickly. The shrewd property investor is one that can live with the difficulties of traditional Spanish financing in order to take advantage of the current property situation.
It truly is a buyers market.
Spain has been badly affected by the credit meltdown and is suffering hugely from the over supply of properties, failing confidence, tightened credit supply and uncertain job prospects mean that the law of supply and demand applies and the lower the demand means the lower are the prices!
The WOW factor and at a bargain price!
There has been recent news that UK property prices may have bottomed out and even some early indications that prices could be on the rise again. How do we know if that is just an inexplicable blip? In any event, I think that any release of pent up demand in the UK due to the easing of credit does not necessarily mean that Spanish prices will bounce back in the short term.
There are, we are told, in the region of 1 million new build houses unsold and in various stages of construction so the sheer number of available properties means that there will be many outstanding bargains available for those with the cash and the guts to go get them!
Many private owners in Spain have found that they are unable or unwilling to struggle on with their mortgage payments and are in urgent need of a sale. With so many moving back to the UK, some are now willing to accept an offer that allows them to settle their outstanding mortgage debt.
With the Pound vs. Euro exchange rates being as they are then a lower Euro sales value can still means more Pounds for the seller when changing currency and the better buying price for the buyer can offset the lowered value of the Pound.
I have been asked, “Will the Pound rise again like it was once before” I don’t think it ever will but who am I to know the vagaries of the currency markets.
Even with all of the doom and gloom that still abounds, Spain will probably remain the number one destination for British people wishing to buy a holiday home or spend their retirement years in the sun. The fact that it is only a two-hour flight from the UK and with its superb climate the health, benefits of living in Spain are well documented.
When buying property in Spain or anywhere in the world, make sure you follow the same simple steps that you would and as if you were buying in the UK. The most important first step is to employ a good independent English-speaking lawyer to check the property’s paperwork to make sure that it is all is as it should be.
He or she will guide you through the necessary steps to a successful completion so that you can relax and just then settle into your new home and enjoy life in the sun.