andalucia property spain

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.

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property for sale in costa blanca

April 8th, 2009

In common with the rest of Europe, the property market in Spain has been affected by the economic downturn. However, Spain remains the favourite destination in Europe for British buyers and property in Costa Blanca is still a popular choice and selling if the price is right.

The area will always be attractive to foreign visitors, due to its beautiful beaches, extensive tourist amenities and sunny climate. Its name means the White Coast and was coined by BEA in 1957, the year that flights began between London and Valencia. The region extends from Denia in the north to Torrevieja in the south and includes the major tourist destinations of Benidorm and Alicante. The Costa Blanca plays host to many hundreds of thousands of tourists every year and, of these, a significant proportion own a second property in the area, which they have bought for their own vacation/leisure use, as an investment or as rental income, or as a mixture of all three!

It is certainly a buyer’s market at present, with many bargains available on property for sale in Costa Blanca. Official figures show that house prices have fallen in the region of three per cent but, in reality, reductions are far greater than this, with some developers offering discounts as much as forty per cent off, representing some of the best deals ever seen in the market. Villas in some developments which have been advertised for sale at 350,000 euros are now being snapped up for less than 250,000 euros. A wide choice of properties for sale is available in this part of Spain, ranging from beachside villas and town houses to more economical apartments. For even cheaper property, the less crowded outskirts of the surrounding cities should be considered.

When looking at property for sale in Costa Blanca, it is a good idea to visit the area in winter as well as summer, to see what it is like out of season. Some less populated areas can seem rather isolated in the cooler months. Check out the heating systems too! It is also advisable to “try before you buy”; in other words rent a few different villas and flats in different parts of the region before you commit yourself to buying. The Costa Blanca comprises a huge area of Spain and, as such, there are great differences between the various towns. Cheap flights are available during less popular times, with the most convenient airport based at Alicante. Do not limit yourself solely to estate agents in the immediate area, as national agents will also have plenty of properties for sale on their books. Check out the Web, as many agents as well as private sellers will advertise through this medium. Above all, take your time in finding the right property. There are plenty of good investments to be had on property in the Costa Blanca right now and you should not allow yourself to be pressurised.

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andalucia property spain

April 2nd, 2009

The wonderful memories you bring back with you after a visit to the dramatically beautiful region of Andalucia in Spain may well encourage you to consider purchasing an Andalucian property. There is a huge choice of properties in Andalucia, many in stunning locations ranging from rocky coastlines and endless stretches of beach, to remote white villages, blossom filled almond groves and high sierras. Every season offers its attraction, summer for nightlife, winter for skiing, spring for nature, autumn for fewer crowds, lower prices and local festivals. Buying your own Andalucian property means you will be able to profit from the advantages of every season all year round. But how to choose where to buy?

The most popular hotspot for Andalucia property has to be the Costa del Sol, the “Sun Coast”, so aptly named, with some 320 sunny days in a typical year. This area of Andalucia comprises a number of former fishing villages, transformed from poverty in the 1960s into the “Florida of Europe”. The Costa del Sol is host to millions of visitors every year, thanks to its sunny clime, lively nightlife and clean beaches. An estimated 300,000 expatriates have settled here, with many having decided to purchase an Andalucian property in such popular locations as Estepona, Fuengirola, Malaga, Nerja and Marbella — Spain’s most expensive resort.

However, there are many other excellent locations which must be considered if you are looking to purchase an Andalucian property in Spain. The inland and rural areas of Andalucia are becoming increasingly popular for those wanting a more authentically Spanish way of life than is found on the Costas. The choice ranges from white washed cottages set in acres of lemon and olive groves to a white washed town house in a picturesque hilltop village where time seems to have stood still for centuries.

If you are seeking a lively town with plenty of culture, then Granada city would be a good place to buy an Andalucian property. This fascinating city is renowned for the great complex of the Alhambra, the most famous and best-preserved medieval Arabic palace in the world. Properties in the city are rarely advertised on the internet and are soon snapped up. A wider range of Andalucian properties is available in the towns and villages surrounding Granada city, which offer beautiful rural locations within an easy commute of the centre and at cheaper prices.

And finally, Spain may not be as famous for its pistes as France or Switzerland, but it is worth considering purchasing an Andalucian property in the Sierra Nevada. You can use it in the winter for skiing and as a mountain base in the summer, being only an hour from the coast. Property prices here are fairly cheap in comparison with the Costa regions. Andalucian properties here are likely to become attractive as second homes with rental potential, due to the greater accessibility provided by Granada Airport.

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Buying property in Spain

March 11th, 2009

Photo

By Andrew Hay

MADRID ( R euters) - On a street corner in Tetuan, a working-class area of Madrid, hand-written “for sale” notices have faded to yellow as owners hold out months for their asking prices, refusing to believe that a nine-year property boom is over.

Having gained 190 pe r c ent since 1998, one of the world’s hottest property markets has finally succumbed to high lending rates, oversupply of a million homes in the past four years and prices that are up to 30 percent overvalued.

Real estate agent Angel Velazquez says some homeowners in Tetuan have cut prices by up to 25 percent to try to attract a buyer, while small property agencies have gone under after months without a sale.

“It’s taking time for people to realize the boom is over, they think they can still make lots of money, but it’s finished,” Velazquez said.

The government’s national figures have not registered a decline, reporting a 5.8 percent increase in prices for the second quarter over a year earlier.

And Prime Minister Jose Luis Rodriguez Zapatero, who faces an election next year, assures Spaniards and foreign holiday home owners the property market will have a soft landing, unlike previous meltdowns in the 1990s and 1980s.

Spain’s economy is robust, with unemployment at a 29-year low, supported by strong euro zone conditions.

But tens of thousands of construction workers could lose jobs as residential construction slows. That could cut Spanish growth by a percentage point in 2008 and end Spain’s long outperformance of euro zone peers, economists warn.

“If we’re lucky, we’re entering a period of house price stagnation around the level of inflation, which will include price falls,” said Fernando Encinar, a director of Idealista.com, Spain’s biggest online property advertising site.

Price declines could be sharper, and drag on longer, if firms continue to flood the market with new homes. Stock market investors remain jittery as the global credit crunch puts extra pressure on over-leveraged Spanish real estate firms.

“There is potential for panic,” says economist Susanna Garcia at Deutsche Bank in London.

SPANISH SPRAWL

Nearly a third of all concrete and asphalt covering Spain was laid in the last 14 years, as the former European economic backwater built homes and infrastructure and took per capita income to a level now close to the EU average.

Ranks of identical ochre and beige brick apartment blocks have marched out over plains and farmland around cities like Madrid and Valencia.

A symbol of the boom is Sanchinarro, a higher-end neighborhood on the sprawling northern edge of the capital.

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