NEWS UPDATE | Reports suggest the first quarter of 2013 has seen buyers returning to the Spanish property market in volumes approaching those of 2007, the last boom year before house sales and prices dive-bombed.
There is plenty of choice for serious buyers with an array of brand-new, key ready apartments from problematic banks and bargain resale villas on offer from owners wanting to upgrade or uproot.
Peak to present average prices have crashed by 45% which means the once unaffordable dream property is now a tempting bargain that comes with a generous mortgage where monthly repayments can be met from a single week’s holiday rental. With Spanish tourism at new highs in 2012 and good rentals recorded at Easter 2013 in popular seaside resorts, the strong holiday lets market is forecast to continue for the rest of the year.
The popular Costa Blanca and Costa Calida, where maximum mortgages are available. is one of the main hot spots, with one leading agent reporting the “busiest first quarter in years with a steady stream of buyers for most types of homes.”
Property investment expert, Ben Walker of Walker Property Spain, claims the best deals can be found in Costa Calida where golfside penthouses are on offer for only EUR 69,000 – a 70% discount from original list prices – and sea view apartments from EUR 109,000 with 90% mortgages. They sold for EUR 235,000 when launched.
Author | Kevin Barnett, Walker Property News