The Telegraph newspaper in Britain now believes that it’s a good time to purchase in Spain and take advantage of the reduction in property prices over recent years, down by 50% in some coastal regions.
The conclusion drawn is that Spain is surviving the crisis with its many charms, such as the sun, tapas, lifestyle and its proximity to the UK, but housing prices have dropped significantly and it is a good time to buy property in Spain
Some estate agents surveyed by the British newspaper claim that there has not been a better time to buy property in Spain today, ensuring that the malpractices and corruption that reigned for years in the industry, have now disappeared. “People are much more informed, so the risk of being scammed is much lower,” they insist.
“A buyer today is much better positioned than one of those who bought during the boom years,” experts say. Although prices have fallen 50% in some coastal areas some analysts believe that prices have not bottomed out yet but surely will in the next two to three years.
The paper notes that with a high stock of unsold housing, Spain’s government is more willing than ever to promote the sale of houses to foreigners and to improve the image of Spain abroad.
In some areas, prices have bottomed already insofar that when a property comes onto the market and is well priced, from day one, it can sell in just a few days. The demand is out there but given that it is a 100% buyers market, the purchaser has the advantage of selecting the best deals on the market.
Recent statistics show that the demand is increasing across the board, from the ever reliable British buyer to the more recent Scandinavian and Russian buyers.
- Which nationalities are buying property in Spain?
- Forbes Magazine: “It’s a good time to invest in the Spanish property market”.
- Foreign House Buyers in Spain up 28.4 pc in 2012.