THE SPANISH PROPERTY MARKET 2012 - UPDATE
For many years now Spanish property has been highly sought after, especially by Northern Europeans, for both holiday home purposes, for permanent relocation or to provide a rental income. Many British expatriates have, over recent years, adopted Spain in search of a less stressful and cheaper lifestyle, a warmer climate and a better quality of life.
The Spanish property market has experienced a severe decline in recent years, as have most other European property markets. Property prices have fallen considerably, in some areas of Spain by as much as 40%. This has now created a big demand for properties and enquiry levels are extremely high. When priced realistically the sale of properties is healthy and there are now many bargains to be found.
The highest demand currently in Inland areas of Spain is for lower budget properties - high end properties are selling at a much slower rate. One of the reasons for this is that prices are still controlled by the volume of sales to Spanish buyers, sales to Foreign buyers still represents only a very small percentage of overall sales. With the uncertainties surrounding the Spanish economy and the increased difficulties of securing Spanish mortgages and indeed the reluctance of Spanish buyers to commit to mortgages there has been a vast slow down in sales and subsequent drop in prices. Some Inland Spanish villages have seen no sales whatsoever during 2011. Most Inland sales to Spanish buyers are of village houses and as the result in the drop in demand the village house sector has many bargains. Properties priced at over 200000€ as recently as 2 years ago can now be purchased at under 100000€ and there are many lovely Village houses available at under 50000€.
Cheaper country properties with gardens, pools and land are still highly sought after and a budget of around 150000€ can now buy a lovely property in the countryside with breathtaking views.
Also there has been uncertainty in some areas regarding the legality of certain Country properties with many Mayors and local officials having been prosecuted and in many cases jailed for issuing planning permissions and licences for construction that should never have been allowed. The Junta de Andalucia has been addressing this problem and most of the properties hitherto under threat are now being officially recognised and the problem is being solved. As the result of this the buying process has tightened up considerably and lawyers require far more paperwork, certificates and validations than they did previously. As long as a good Spanish lawyer is used by the buyer then there is no chance of a problem, as the case has always been. We recommend that a lawyer should have a good command of English to enable full communication with the buyer. We have a list of very good lawyers who have looked after our clients exceptionally well and who will ensure that there are no problems with your property purchase.
It is a great time to buy in Spain - it is a buyers market and well worth a trip to Andalucia to see what is available.
We will help you to find that perfect property at the right price.
Please feel free to email your exact requirements of a dream home to us at Gateway to Andalucia - we very rarely fail to find exactly what the client wants and we help you far beyond the buying process and into helping you relocate and settle into your new lifestyle.
Any clients visiting Gateway to Andalucia can expect first class help in discussing and understanding every aspect of the process of property purchase in Spain - a comprehensive discussion about the full requirements that you want in a property together with a selection process to identify only the exact properties that meet all of those requirements to go out and view with us.
During the purchase process all the facilities within our offices will be available to you during any visits that you make, such as telephone, fax, email and secretarial.
We also offer free legal, financial, building, insurance, currency exchange and mortgage advice to you through our team of highly qualified professionals who you are able to check the credientials of in advance if you wish. In addition we will help you with your relocation queries such as health care, schooling, banking, communications, transport etc.
We will do our utmost to ensure a smooth and trouble free transaction for you.
Email us with a "wish list" of requirements in your ideal property and leave the rest to us.
Hoping to hear from you soon.