Is it the right time to buy property in Spain?

Is it the right time to buy property in Spain?

The past 5 years have seen the Spanish property market suffer greatly from the ongoing Euro crisis that has seen the economy dip beyond miserable. In a desperate plea for help, the Spanish government is now aiming to attract the British back to it’s sunny beaches, in search of property bargains. By selling off properties at a lower value, estate agents hope for a substantial decrease in unsold properties, boosting the economy in turn.

A decade ago, Spain saw a surge in British property developers and investors during the real estate boom, which fuelled the need to build more houses. Unfortunately the collapse of the economy in 2007 had an extremely negative impact on the construction industry, which the government is now trying to repair seeking the help of overseas buyers.

With approximately one million unsold homes, property websites are promoting some of the best bargains to be had in terms of overseas properties. With as much as 50% of the original asking price, Spain’s authorities hope to see a growth in buyers and the economy. The substantial reductions are a clear reflection of the inflation during the property boom 5 years ago, and also indicate the lengths that the government and banks are prepared to go, to rid them off these ill-fated property assets.

Mark Stucklin, founder of Spanish Property Insight, reports: “There has never been a better time to buy in Spain than now, unlike during the boom times when there was a buying frenzy, there are now fewer cowboys operating in Spain. The malpractice and corruption that was rife just doesn’t exist now. A buyer today is in a much better position than those who bought in the boom.”

“Prices have dropped 50 per cent in some areas. Although I don’t think the market has bottomed out yet, those thinking about buying should do so in the next two to three years,” advises Stucklin.“The things that made owning a Spanish property so popular with Britons still exist – the climate, the lifestyle and the proximity to the UK. Spain is still a lovely place to live. That’s its biggest selling point.”

In a time where Spain is calling for desperate measures and the English recession is still very much rife, these are very much the quintessential conditions for those that have longed to purchase property in sunny Spain.

Written by Sofia Kluge on Google+

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