New and Updates:
Article written 22nd December 2010
The number repossessed properties and distressed sales have been well documented in the past 12 months and while you might think this makes for depressing reading, this very much depends on what side of the fence you currently find yourself. Spain is very much a buyers market a present with up to 50% discounts widely reported on many new build properties and second homes. As a result most sellers of non Grade A properties have had a torrid time over the past 18 months, with many still sitting on properties they have been unable to sell. On the flip side however current market conditions may present a great opportunity for investors who have the cash or means to secure finance and who are prepared to negotiate when buying a property. Many analysts currently believe the medium term outlook for the Spanish property market still remains positive, which means this year may provide the right conditions for buyers to pick up the right property, in the right place at the right price.
Potential Property Hotspots:
Malaga has seen the biggest drop in property prices over the past year and so offers great potential for investors to pick up a bargain, at a heavily discounted price. Murcia is currently in the processes of implementing a number of new tourist attractions and therefore offers a potential property price rises over the next few years, it also has the added benefit of cheap flights from the UK.
Top Mortgage Pick
We currently have access to a terrific low rate flexible mortgage for foreign investors looking to buy in Spain. It is a low tracker rate mortgage with a interest rate of just 2.45%, with lending available up to 70% of the property’s purchase price. Mortgages are available from just 1 Euro with flexible mortgage terms available ranging between 1 to 40 years.
To find out more information about what mortgage options are available to you please contact us for a free a no obligation consultation.