The heat is on in the Spanish real estate market, but buyers are missing out on the very best bargains because they dither and are unprepared for the Autumn buying frenzy in Spain that is expected to match the peak booms years of 2006 and 2007.Experts are predicting boom-time activity levels will return from September 2013, but with two important differences:
- Key ready sales have replaced the off-plan sales where construction and planning problems could result in lost deposits and uncertainty. Now banks are the biggest property sellers, so everything is 100% legal.
- Banks are competing to sell-off their unwanted properties and rebalance their books, so mortgages are generous and the interest paid is at its lowest level and “arrangement fees” are often waived.
Walker Property Spain sales manager, Ben Walker said: “Too many international buyers are missing out on the best deals because bank-owned developments are now selling out within the timescales of the boom years. The best properties everywhere this summer have been reserved in the first 60 days of being listed online”
His advice: “Stop browsing when you have shortlisted five deals, Fly to Buy and then select and start bargaining on the price, the extras and the mortgage terms.”
But he warns buyers to be realistic and decisive when making the final choice. “One buyer viewed a key ready €900,000 golf apartment on offer at €205,000 and went away to consider his options, returning in 24 hours with the reservation fee. That unit and everything else on the development had been reserved.
“Buyers have the best chance if they organise their mortgage, NIE numbers and reservation cash in advance as queuing eats into three half days of precious viewing and bargaining time in Spain.
“No one has yet secured a bargain property from the end of a half day long queue for an NIE number.” Property purchases in Spain take only weeks to complete for savvy international buyers who can be basking around the pool with family and friends while the browser buyers continue, erm, browsing…