Spanish property market uncertainty attracts expat buyers

Published:  28 Feb at 6 PM
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A combination of the Spanish property scandal, the recession and Spanish unemployment has seen real estate prices crash, with expats now picking up the bargains.

It seems that bad news for Spanish homeowners and those who lost out over the still-unresolved expat property scandal has become good news for would-be expats hoping to pick up a bargain. Prices have fallen considerably across Spain’s regions, with each region having its own significant differences which affect demand.

For example, at the present time British buyers are favouring Barcelona’s modernist Eixample district as a good place for rental investments. American buyers are looking outside Barcelona for detached villas along the coast and in Sant Cugat and its neighbouring towns, although some are buying high-end apartments in Barcelona.

Buyers from the Scandinavian countries are searching for second homes in the north of Spain as a refuge from frozen sub-arctic winters, with the Costa Brava a popular location for its plethora of golf courses. At the same time, interest from as far away as China, South America and India is expected to increase after Spain relaxes its residency rules for those purchasing property.

The only problem when considering a purchase of one of the huge number of properties on the market is that of getting to grips with the asking price and determining whether it is a true bargain. Demand in a specific area doesn’t mean that the area itself is suitable, and national averages are no help at all.

Perhaps the best way to approach the dilemma is the old adage which states that there are three essentials to consider when buying a home – location, location and location. Once that’s settled, it’s immaterial whether your chosen property is a lifestyle villa or a traditional cottage needing restoration.
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