The Telegraph believes that it’s a good time to buy property in Spain
The time to buy properties in Spain is now. According to the Telegraph now is the right moment to take advantage of the low prices and snatch up a bargain in sunnier climes.
The British newspaper insists the many charms that have long been enticing Brits to move to Spain – including the sun, lifestyle and its proximity to the UK – are set to outlast the economic crisis.
Moreover, several estate agents questioned by the newspaper insist the malpractices and corruption that acted as a deterrent for years, have all but disappeared meaning there has never been a better time to buy.
“A buyer today is much better positioned than one of those who bought during the boom years,” Mark Stucklin, founder of Spanish Property Insight, told the newspaper.
“The malpractice and corruption that was rife just doesn’t exist now. People are also much better informed, so the chances of getting ripped off are much lower.
“Unlike during the boom times when there was a buying frenzy, there are now fewer cowboys operating in Spain,” he insisted.
Alongside this, the newspaper notes that with a high stock of unsold housing – with an estimated one million unsold new homes alone – the government is trying harder than ever to boost confidence and promote the nation to foreigners.
Meanwhile banks and estate agents are slashing prices in a bid to shift the glut of unsold properties and rid themselves of toxic property assets.
In fact prices have plummeted by as much as 50% in some areas over the last few years with some analysts still insisting that they have not bottomed out yet but will in the next two to three years making now the right time to find that special place in the sun.
As an example of some of the amazing offers now available the newspaper makes a particular reference to a luxury apartment in the much sought-after San Roque development, ideally situated near to Gibraltar and Sotogrande on the Costa del Sol, which is offered for only €170,000 – a massive discount of 85% from the €933,913 asking price at its peak in 2008.
Moreover, while demand is rising, the article is quick to point out that Spain is certainly still a buyers market with the purchaser having the advantage of selecting the best deals out there.
“Spain is still struggling in contrast with other countries, giving foreign buyers a competitive edge,” explained Chris Mercer, the director of Murcia-based estate agents Mercers.
“Other nationalities are comparatively affluent and are finding it hard to resist bargain Spanish property.”
Certainly recent statistics show that demand is starting to increase across the board, with Spain remaining a firm favourite for British buyers as well as attracting new interest from Scandinavian and Russian buyers.
Those looking to buy abroad should consider doing so now.
By Adam Neale | Property News | August 16th, 2013