Spain
Spain is a beautiful country with miles upon miles of breathtaking coastline and continues to be the Brits favourite place to purchase a second home in Europe.
However, for property investment our focus is on the Costa del Sol. This combines natural beauty with mature infrastructure. In recent years property over supply and the credit squeeze have seen developers and agents go out of business faster than our politicians can claim their expenses!
This means that prices have tumbled and we have access to the following types of deals:
Distress sales direct from owners **
Bank repossessions
Developer distress sales
Mortgage purchase
** What are distressed sales ? As you know some people have bought property in Spain but they need to sell before completion because their circumstances have dramatically changed, or they exchanged on properties they could not financially complete on, with the sole intention, at the time, of selling before completion and making a profit on the increase in value. Now, in the closing weeks prior to completion, these people who are unable to complete on their purchase are forced to make a decision to either;
- Sell for far less than the market value (distressed sale) or
- Have the property repossessed by the Developer and lose their 30% deposit.
City Investors have our fingers on the pulse in Spain and often get to hear about these potential bargains before they go on the market. We can secure properties that are below market value and that have good rental potential for you.
Unlike normal holiday locations there is an international population always seeking long term lets’ giving that extra option to rent the property rather than relying on holiday lets. With the availability of interest only mortgages it has never been easier to purchase buy to let property in this area and there are amazing bargains.
Quick stats
| £24bn | Total amount spent by Brits buying property abroad in 2007, according to the Association of International Property Professionals £99,200 Average price of a foreign property purchased by a British buyer last year. |
| 25.4% | Proportion of British-bought foreign properties last year that were in the most popular country, Spain. |
| 21% | Increase in completed overseas purchases by British buyers from 2006 to 2007 (all statistics: AIPP) |
We’ll also help with all aspects of the deal as we have a huge network of solicitors, mortgage providers, property maintenance specialists and letting agents that we can recommend.
View a small sample of the properties we have available in Spain or please contact us for more information.