Posts Tagged ‘andalucia property spain’

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.

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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.

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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.

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andalucia property spain

Thursday, 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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