Posted by mmmadmin on Aug 12, 2013 in News
The Spanish market, for years the horror show of Europe, is just beginning to show signs of bouncing back, tempting buyers with low prices and attractive mortgages, but if you’re thinking of buying a villa in the sun, there are still significant dangers. Spanish banks have been trying to offload their glut of repossessed homes on the cheap and average prices crumbled by 12.8 per cent in the first three months of this year compared to the same period in 2012, according to Eurostat figures. Some of these bargains are finally turning heads and interest in Spanish property is enjoying a revival, taking over the top spot from the USA last month and accounting for almost one-in-three enquiries on the property portal TheMoveChannel.com. “It is a good time to buy property in prime locations at the right price. In the best areas of Barcelona city and Marbella it is possible to buy properties at a 50 per cent discount from 2007 prices,” says Alexander Vaughan of Spanish estate agent Lucas Fox. During the real-estate boom, Spanish house prices rocketed, rising by an incredible 200 per cent from 1996 to 2007, before plunging back down to earth when the bubble burst. Major banks, including UBS and BBVA, estimate that house prices still have another 8 per cent to go before bottoming out, so there may be better deals later down the line. However, when it comes to properties in ever-popular, reputable areas, some buyers are grabbing the best deals while they can. Read full...
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Posted by mmmadmin on Aug 12, 2013 in News
Chronic oversupply and a weak economy mean that Spanish vendors are offering some great incentives to British buyers. Is now the time to strike? Fiona Govan reports from Madrid. Desperate times call for desperate measures, and for parts of the Spanish property market, despair is almost too weak a word. The past five years have heaped on misery after misery. The credit crunch unmasked catastrophic levels of overbuilding, and then the ongoing euro crisis has kept the Spanish economy under the thumb. Now the Spanish government is working to revitalise investor confidence, and attract Britons back to its costas in search of bargains. Banks and estate agents are slashing prices, to help them offload the glut of unsold properties. During the height of Spain’s real estate boom Britons flocked to the country’s coast. They bought holiday and retirement homes, and fulfilled long-held dreams of a place in the sun. This constant demand inspired builders and developers to keep putting up more houses. A decade-long frenzy saw Spain’s construction industry fuel the nation’s economic boom, before its spectacular collapse when the bubble burst in 2007-08. Added to this was a spate of horror stories told of British owners left high and dry by unscrupulous developers, dodgy lawyers and corrupt town planners. Coupled with chaotic planning laws and little judicial recourse, many were left regretting their decision to buy in Spain. Other potential investors began to look elsewhere. Read full article “Olive groves, sunshine, hot tapas, cold wine: Spain’s charms will outlast this economic crisis, and many to come. These prices, on the other hand, may...
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