The Spanish property market has crashed, but don’t be put off by the economic chaos: it’s a great time to buy. (This was the headline to an article in The Sunday Times on 16th January 2011, written by Zoe Dare Hall)
Good news and Spain have been reluctant bed partners in recent years. Holiday home sales and construction of new houses are down, the market is depressed and it is a challenging time for sellers and property agents.
There is a reduced pool of buyers and a large pool of sellers. If you already own a Spanish property, you are most likely worried about falling house prices and currency fluctuations. However, if you have cash and yearning to own a house in the beautifully diverse and sunny Costa del Sol you can be choosy, so book your flight now.
Property on the Spanish coast has dropped by as much as 30% from the peak, but it looks like this downward spiral has ended. This situation is likely to bounce along for a little while, but prices are unlikely to fall further. A property that cost €800.000 a short time ago is now likely priced at €600.000. That is a big incentive. If you are itching to buy, but worried about where, how can you find an investment likely to hold its value in these troubled times?
Location is the prime rule for any home, and holiday homes are no different. Choose established areas where quality is the norm, such as Marbella and its surrounding areas. The affluent have always chosen here and the infrastructure has developed to support them. During the boom property in this area came with a high price, but now after a 20 to 30% price reduction they are far more affordable.
Being able to sell easily in the future can be an important factor in what to buy now. To maximize your chances - talk to Santana Estates. Santana Estates personnel have enormous experience and are happy to give you advice on property, location and facilities in this area.
Finally, decide for yourself what a property is worth to you, then buy it and enjoy using it.
