Archive for the ‘Spanish property’ Category

Alicante properties

Friday, July 3rd, 2009

As a contrast to the sleepy white-washed villages, Alicante is one of the fastest growing cities in Spain and also a sound option for anyone interested in property for sale in Costa Blanca. It has plenty of beautiful beaches, some of which are crowded during the height of the tourist season, but there are also isolated bays and quieter beaches if you want to escape the crowds.

The huge choice of property for sale in the Costa Blanca means that buying a second home in the area is a popular option to investor and holidaymaker alike. The mild and sunny weather and beautiful beaches attract many thousands of holidaymakers from all parts of the world. In reality, the potential purchaser is indeed spoilt for choice, whether buying for pleasure, leisure or investment.

property for sale costa blanca spain

Thursday, June 18th, 2009

When researching property for sale in the Costa Blanca, many buyers decide to purchase accommodation close to the coast. This is not surprising, given the hundreds of miles of coastline and the excellent choice of beaches, with fine golden sands, clear waters and abundant palm trees. Families are advised to choose sheltered inlets with shallow waters, as these will be safe for children.

It’s no wonder that so many people are tempted by property for sale in Costa Blanca. The sun shines here for most of the year and the area offers among the most extensive ranges of tourist amenities in the world. It boasts the best beaches in Spain and the mountains provide a beautiful and majestic backdrop for the province. There is a wide selection of property for sale in the Costa Blanca in all of the principal tourist destinations, as well as in the smaller and quieter towns and villages.

Costa Blanca’s major resort is Benidorm and the town has proved consistently popular for over forty years with holiday makers, retirees and “second homers”, as well as with investors looking for property for sale in the Costa Blanca. Seeing Benidorm now, with its skyscraper apartments and modern precincts, it is difficult to imagine that, prior to the 1960s, this brash and lively resort was only a fishing village. However, its crowds, noise and modern entertainments are not for everybody and, for those who want to get away from it all, there is much to see in the local area. Literally a few minutes by car, you can find yourself surrounded by mountains and valleys, in which are tucked away many picturesque small towns and villages.

Andalucia property spain and reposesions

Thursday, May 28th, 2009

The Spanish property market, in common with many countries, has been affected by the worldwide recession. The Costa Blanca, traditionally one of the most popular areas to buy and sell property, is not immune from the slump in the housing market. Many expatriates who moved to the region for a better quality of life are finding their dreams turning sour as they struggle to meet their mortgage commitments. The collapse of sterling against the euro has added a thirty per cent increase to mortgage payments and has also considerably increased the cost of living for those expats who are wholly dependent upon their savings in UK banks. As a result of these hardships, the volume of repossessed property for sale in Costa Blanca has risen dramatically.

The majority of repossessed property for sale in the Costa Blanca is in the form of apartments. The reason for this is that many investors paid a deposit before or during construction and expected to sell at a profit following completion. This strategy worked for many years, but when the property market nosedived, many investors found their apartment to be worth less than the purchase price. The only options were to either walk away and lose their deposit or to attempt to keep up with the mortgage payments in the hope that values would increase in the long-term. In addition, there have been substantial rises in the Spanish mortgage rate and many buyers who were attracted by property for sale in the Costa Blanca have been caught out, thinking that low interest rates were a permanent fixture. However, most Spanish banks use the “Euribor” to set their mortgage rates and this has been increasing as the European Central Bank seeks to curb inflation in the Eurozone. Also, the cost of living has risen rapidly in Spain over the last year, meaning less disposable income and more difficulty in meeting mortgage payments.

Many people looking for property for sale in Costa Blanca are interested in finding bank repossessions - not surprisingly, as repossessed homes are often available at massive discounts relative to the true value of the property. Bargains can be found at property auctions, as Spanish banks and private sellers desperate to sell will put up their properties for auction as a last resort. Although you may end up with the bargain of the century, it is also imperative to be cautious as such properties can be in need of lots of structural and cosmetic work, as they are unlikely to have been looked after or had money spent on them for a long time. Another way of finding a repossessed property for sale in Costa Blanca is by directly approaching a Spanish bank. If they have such property on their books, they will no doubt be very keen to offload them. A third way is to directly approach a property owner whom you suspect is a “distressed seller”, i.e. one who is in danger of falling behind with their mortgage payments and is desperate to sell to avoid repossession. Look out for private adverts for property for sale in Costa Blanca, especially with wording such as “reduced” or “low priced for quick sale”. Also look for property with Spanish estate agents and find out which sellers are likely to accept offers well below the asking price.

andalucia property spain

Saturday, April 25th, 2009

If you are thinking of buying an Andalucian property in Spain, it pays to do some careful forward financial planning. The first thing to consider is how you are going to finance your purchase. For most buyers, this will entail taking out a mortgage. It is recommended that you arrange your mortgage finance “in principle” before agreeing to buy an Andalucian property in Spain, or before signing any contracts or paying a deposit. This will give you peace of mind and a specified amount of purchasing power. Arranging your mortgage in good time will also reduce the risk of you losing a property you really want and avoid having to getting a mortgage in a hurry which might not suit your particular financial circumstances.

A mortgage on an Andalucian property in Spain can be arranged through a broker in Spain (many advertise on the Internet) or directly through a Spanish bank. Mortgage facilities may also be available at some British banks, or you could remortgage in the UK and purchase your Andalucian property in Spain with cash.

If you intend to purchase an Andalucian property in Spain, you will need an NIE number (Foreign Identification Number/Numero de identificacion de extranjero), which is required for all fiscal and legal matters in Spain. Although not obligatory, it is strongly recommended that you use a qualified Solicitor when purchasing your Andalucian property in Spain. If your Spanish speaking skills are poor or non-existent, make sure your Solicitor can communicate in English. It is essential that independent checks are carried out on the title deeds and also to verify that there are no outstanding debts on the property as, under Spanish law, such debts would become yours once you have purchased the property.

When searching for an Andalucian property, you will probably purchase your property through an agent. In Spain, the price is normally determined by the seller and not the agent, who will add a commission on top of that price. You will often find the same property offered for sale at a different price by different agents, so it pays to shop around. Many Spanish agents do not speak English, which can create a language barrier for British buyers. However, it is now becoming more common to find local Spanish estate agents with English-speaking staff, especially in the more popular areas. Some UK based estate agents have also started offering Spanish property for sale.

It is also common to find foreign owned estate agents, who tend to focus on buyers from their own countries. Obviously there are no language barriers in this case, but deregulation now means that no qualifications are required to set up as an agent. Many ex-pats have set themselves up in the house buying business and unfortunately some of these agencies fall below expectations. Do not, however, be put off from buying an Andalucian property in Spain, as there are also many excellent and trustworthy estate agents offering a highly professional service. Just ensure you do your homework and ask for personal recommendations.