Spanish property glut

Dec 06 2013

Spanish property glut

The future of Spanish property indicates the glut of cheap second-hand homes on the market will continue, ‘new build’ is rising, or indeed repossessions …there is something for everyone and now is a great time to buy…

• The average age of British buyers of property in Spain is aged between 40 and 60 some of which mortgage their UK property to fund their dream home in Spain.

• With the prices of property still falling in many regions, one would be forgiven for wondering when they are finally going to bottom out, stabilise for a while, then start the steady climb in an upward direction.

• The forecast now is that the cost of buying a property in Spain will remain low possibly until end 2016, however, the predictions earlier in the year suggested that 2015 was to be the lowest that property prices were likely to settle, in reality one can never, it would seem, be sure of the accuracy of such forward predictions.

• With all that said and done there are great bargains to be had within the Spanish property market from ‘second hand’ homes to ‘new build’ or indeed ‘repossessions’, …there is something for everyone and now is a great time to buy.

• Bargains such as the Villa I know of which was originally bought for €250,000 sold last month for a staggeringly low price of €185,000, …horrific for the poor owners of that which was their home, but great for the current purchasers.

British retirees still make up a substantial chunk of buyers of Spanish property and they stand a better chance of making their new life in Spain work as they are predominantly not job seekers and many retain their property at home in the UK as their insurance.

Article by David Johns