According to The International Property Investment Network (IPIN), experts in overseas real estate choices, now is the time to buy in the prime locations of Spain. While exhibitors at SIMA this month were down by 20% on last year, the Spanish contingency remained decidedly upbeat and certain investment options such as Prados del Golf are in fact offering buyers the same kind of prices and longer term potential as were enjoyed in Spain over years gone by.

(PRWEB) April 24, 2008 — Capital outlay of only 20,000 EUR for well-located 2 bedroom golf apartments make Prados del Golf highly attractive to keen investors looking for below market value and minimum money down. Finance packages cover everything else (including furniture, VAT and purchase costs).

This is possible due to the unique financing package that has been formulated by IPIN’s finance partners, which uses the performance and stability of currencies the world over to offer its clients the best and most competitive rates. At this time for example, interest rates in Hong Kong are just 3.2% compared to a Spanish average of 5.5%; so why not take advantage? If rates in Hong Kong were to increase or a better deal becomes available elsewhere in the world, then your package can be transferred to the more favourable market in question. It’s that simple! *

This is just the kind of deal that shrewd investors in today’s Spanish market are looking for; completed, ready to move into properties at well below market value (bank valuations are available for inspection) with attractive finance options. The promoter’s prices have been slashed and represent substantial savings (as much as 81,000 EUR discount), even when taking into account the addition of furniture packs and purchase costs into the deal.

The apartments are artfully arranged over three building levels, alongside luscious fairways and enjoying fantastic views to the mountains and sea. On-site, residents can relax around one of the three swimming pools in the communal gardens. Only minutes walk away from a full range of local amenities and 1km from the nearest beach and town centre, the development’s location is arguably one of the best on the Costa del Sol. Not to be forgotten of course is this particular area’s amazing attraction to European homebuyers and investors.

The expatriate community in and around La Cala de Mijas is a very well-established one and English is widely spoken, making the area a sunny ‘home from home’ for literally thousands of tourists and expatriates. In fact, La Cala is one of the most in demand locations on the entire Costa del Sol, and is set to benefit from the extension of the main Costa del Sol railway line from Malaga which has been confirmed, and also a brand new Marina development, which is making its way through the relevant planning channels as of 2008 (project to be confirmed at a later date).

This combination of major discounts, outstanding finance terms and a great location of massive demand, mean that Prados del Golf is truly attractive for all property investors, offering a genuine cash positive rental investment for years to come. It is sometimes easy to forget that Spain remains the second most visited tourist destination in the world, behind France. It could be debated that if it were not for the tourist figures Paris generates alone, Spain would be number one. It is solid trends like this that investors are keen to tap into.

Today the Spanish market is arguably just as exciting as during boom years; in fact, developer discounts, distressed sales and highly motivated (often British) sellers all translate to a golden opportunity for buyers. This time, the opportunity requires more research and patience than before but the current market dictates strong profits for those willing to seek out the bargains now materializing.

Various interesting circumstances are being taken advantage of by wise investors; for example, the unfortunate choice facing some buyers is to default on completing their purchases and to lose their deposit and in some cases, this can be as much as 40% of the property value. Many developers are passing these savings directly onto a new buyer - effectively lowering the price to 60% of the original sale price.

In some other cases, prices can also drop purely due to currency fluctuations. Take another example of a British family selling their property in Spain with the intention of reinvesting the proceeds in the UK and realizing say, 100,000 GBP from the sale. A few months ago, with the exchange rate at 1.45, they would be looking to sell at 145,000 Euros (plus taxes and expenses). Now, they can afford to sell at only 125,000 Euros while still achieving their goal of 100,000 GBP - all great news for today’s investors looking to push prices down.

By the same token, Prados del Golf offers investors minimal exposure to the British Pound’s current poor performance against the Euro for transactions in the opposite direction. The 20,000 EUR capital required on this investment compares favourably with the standard 20-40% deposits normally required by developers in Spain, which would represent far greater exposure to the strong Euro at this time.

Danny Bance, Managing Partner at propertyshowrooms.com is convinced by today’s Spanish market potential, “Spain is now a great buyers’ market. Wise money is being spent by astute investors who can still make profits by seeking out exceptional opportunities such as this one at Prados del Golf…along with many others, I believe that 2008 is a year for shrewd investors to make some very smart, timely investments in Spain.”

All discerning property investors realize the importance of taking advantage of the most lucrative real estate opportunities as soon as they arise, before they become common knowledge. The International Property Investment Network (IPIN) operated by propertyshowrooms.com helps all types of investors in their quest to access up-to-the minute information on the very latest investment opportunities in the worldwide property market today.

Tags: property, investment, spain

MADRID (Reuters) - Spanish Socialists celebrated their re-election on Sunday with sparkling wine and songs in the streets, well aware that their hangover may last not hours but years.

Spain’s economy is slowing, property prices are faltering and hundreds of thousands of people are losing their jobs as a decade-long construction boom runs out of steam — many of them immigrants who have helped fuel Spain’s stellar growth.

“It is going to be very difficult,” said Jorge Moreu Arcos, a 43-year-old draughtsman.

“There’s been a lot of corruption in town halls, and house prices couldn’t keep doubling every six years. The problem with the economy is a global one now.”

Across town, disillusioned conservative voter Pilar Hernandez said the economy was unlikely to improve under either party as global oil and food costs push Spanish inflation over 4 percent — while real wages have not risen in 10 years.

“It’s amazing how much prices are going up while salaries aren’t at all,” said the 54-year-old, who works in a school cafeteria. “We’re short of decent politicians.”

In its campaign, the centre-right Popular Party played on economic fears by attacking Prime Minister Jose Luis Rodriguez Zapatero for legalising almost 700,000 illegal immigrants who, it intimated, were taking Spaniards’ jobs.

Since 2000, Spain has taken in more immigrants than any country apart from the United States — officially 3 million, but possibly many more.

There were plenty of foreigners dancing in the streets around the Socialist headquarters on Sunday night, but even they reckoned Zapatero would have to cut back on the number of immigrants who come to Spain.

“In future, immigrants will have to come into the country on a legal basis … and I think that there will be a limit to how many can come,” said Argentine Maria del Valle, 41, who has lived in Spain for 18 years.

(Additional reporting by Ben Harding; Writing by Jane Barrett; Editing by Kevin Liffey)

Tags: spanish, property, prices

Euroresidentes recent article on obtaining a mortgage for your Spanish property

More and more people buying property in Spain consider taking out a mortgage with a Spanish bank to finance their purchase in this country.
Not only expatriates or people moving to Spain, but also property investors, regular visitors to Spain etc.

Getting a mortgage with a Spanish bank does have certain important advantages - low interest rates, favourable write off conditions, easier for taxpayers to sort taxes out, no expensive bank commissions caused by international bank transactions etc. Spanish banks have targetted the non-resident property buyers as a lucrative group, and as a result a mind-boggling range of low-interest loans have invaded the market in recent years.

For the past few years, Euroresidentes has monitored the increasing number of products and loans offered by Spanish banks to non-residents in Spain, and we have advised several leading banks about the needs of non-Spanish property buyers, the kind of services we expect from a bank in terms of flexible banking, language support, low interest rates, personalised customer services, efficient online banking etc.

mortgages for non residents in Spain

Tags: mortgage, spain

Mortgage questions and answers
As a UK resident, is it possible fro me to get a Spanish mortgage?
Yes. You will need to provide proof of income in the form of a P60, a pension
document, or a tax declaration.
What value of mortgage I get?
Maximum mortgages offered are 80% for a non resident of Spain.

Are mortgages available for any type of property?
Yes, you can apply for a mortgage for a small apartment or a villa or a new
development

What locations can I obtain my Spanish property in?
- Mainland Spain
- Balearic Islands
- Canarian Islands

How long would it take to arrange a typical mortgage?
If everything is in place, then 4 weeks approximately
Over what period of time could I take out my mortgage?
Anything from 109 to 40 years.

What is the cost of a property valuation?
The bank appoints a valuer from a panel. The cost of the process is paid by you but by law this is the same cost whichever lender you use.

Here are 2 examples of costs associated with taking out a mortgage:
Example 1 for 100k Euros
MORTGAGE AMOUNT 100,000
Stamp Duty 1800
Land registry 710
Gestoria 204
Bank Arrangement charge 1.000
TOTAL COST IN EUROS 3.714

Example 2 for 150k Euros
Mortgage amount 150,000
Stamp duty 2700
Land registration fee 750
Gestoria 204
Bank arrangement 1500
Total 5,154 euros

The most important advice that a Spanish property agent could give anyone buying
overseas is to seek the advice of an experienced solicitor who is experienced with
established deals in residential property in Spain.

Please see our disclaimer rgarding all the answers given on this website.