Spanish Property News

[greg]

Interesting article from the Economist allegedly the big problem isn't the unsold property in Spain but much rather the land on the bank's books..

Spanish banks: Hard landing | The Economist

Land has gone from being the safest of bets to the riskiest

Add it all up, and Spanish institutions have exposure to more than €100 billion of empty plots, either as lender or owner. “The main issue for the banks isn’t excess housing, it’s land,” says Carlos Ferrer-Bonsoms of Jones Lang LaSalle, a consultancy.

[housebythepool]

Costa Blanca Property Market March 2011

Spanish Dream Property - Overseas Property Agents
March 2011
The Costa Blanca Property market is right now is the most buoyant since 2008 with sales taking place in relatively large number as people look to buy property in Costa Blanca and strike one of those last great deals before it’s too late.

Spanish Property in 2011
The most interesting thing this year from our own experience is the sales have all been at very different prices and because Costa Blanca is so different in so many different areas it’s hard to put a handle on everything. For example sale in South Costa Blanca are still going on with an average sale being around the €80,000 mark but more interestingly there are more sales taking place in the areas of Denia, Javea and Moraira and at much higher prices. If anything I would say the bottom end of the market in less buoyant than the middle end of the market.
The reality of the situation in Costa Blanca is that the bottom end of the market is probably struggling the most and some clients are still looking for deals that are not there or don’t exist.
Overall the Costa Blanca Property market is very strong and we believe we will see many more sales in 2011 as people try to pick up the last great deals.

[housebythepool]

Spanish Dream Property are members of AIPP we have Ten things you should NEVER do when buying Abroad.

Day 1
Never use an 'in house' lawyer employed by an agent or developer. It is vital to use a lawyer, but make sure the one you use is independent, not part of the same company as the agent or developer from whom you are buying.

[housebythepool]

Day 2
10 Things you should never do when buying abroad.

Never ignore the effect of the fluctuating exchange rate. Remember, the buying power off your pounds decreases or increases as the value of the euro fluctuates.

[housebythepool]

Day 3
10 Things you should never do when buying abroad

Never overstetch your finances. It's a dangerous strategy to rely solely on holiday rental income to pay your mortgage and bills. Always have funds in reserve.

[housebythepool]

Day 4
10 Things you should never do when buying abroad

Never Believe a verbal promise will always appear in a contract. rental guarantees, in particular, are often promised verbally but strangely absent from the contract. ensure your contract is watertight

[Sue and John]

Agree with everything so far - look forward to reading the other six things!

[housebythepool]

Day 5
10 Things you should never do when buying abroad.

Never sign a contract without having it checked. This is especially crucial when buying an off-plan property and during an inspection trips, when you may feel pressurised into signing something. A good lawyer will always be available by fax or email to check a contract.

www.spanishdreamproperty.com

[housebythepool]

Day 6
10 Things you should never do when buying abroad.

Never buy off-plan without a bank guarantee. It's leagal requirement in many countries for off-plan developers to protect any deposits they receive with bank guarantees - insist on it.

[housebythepool]

Day 7
10 Things you should never do when buying abroad.

Never confuse Abogado, eg lawyer, with a Notary. Easily done as Notaries are not part of the conveyancing process. In Spain the Abogado works for you and is there to protect your interests whereas the Notary is there to check the legality of the process. They are not able to advise.

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