Spain is one of the most popular countries for UK expats buying properties abroad. Whether Brits choose to buy a villa in Spain as a permanent residency, retirement home or a holiday home, there is speculation if it is a wise time to buy with Brexit looming.
So, what does Brexit mean for British citizens who own a holiday home in Spain and those planning on buying property in Spain?
Spain is one of the most popular European countries for investing in property overseas, for residential purposes and also on a buy-to-let basis. Spain has year-round sun; you have a choice of beach towns, cities or countryside, and following the unfortunate 2008 economic crisis, the property market is finally experiencing its revival and Spain’s economy is on a steady incline… now is quintessential time to invest in Spanish property!
We are very proud to announce that we have been awarded Best Real Estate Agency Spain 2014-15 in the European Property Awards.
We are happy to announce our membership of the AIPP – Association of International Property Professionals. This backs up our 1998 membership of the National Association of Estate Agents.
Spain is another country where there are bargain prices that are likely to stay affordable during 2012. In parts of Spain you can get a new villa for €50,000. There seems little doubt that for those with the many Spain looks like a good buy in 2012. One area that a lot of people are talking about it Murcia where the new ParamountTheme Park is due to start construction in 2012.
For the 1st 6 months of 2013 Mercers have achieved a 70% increase in the number of properties sold, in with 60% going to Brits and the rest to French, Belgium, Dutch, Swedish and German buyers.
The headlines shout ‘foreign boom’, foreign buyers snatching up Spanish property at a rate of knots, but Murcia agent Mercers says if banks continue to be tight with their loaning, full recuperation of the property market is a long way off.
Chris Mercer, Director of 30-year established Mercers, says, “The greatest loan-to-value for non-residents in Spain today is around 60%. However, the client must also pay 15% of the purchase price in taxes and fees so, unless you’re purchasing a bank repossession where they may lend up to 100% or more, you really want easy access to around half the money to buy a Spanish property. This debars a large number of people who require larger loans.”
After 5 years of decline it appears as though Spanish property prices might have bottomed out. When the credit crunch hit the Eurozone in 2007, 700,000 homes fell to the Spanish banks. Within the Murcia area in 2007 an average price for a property was EUR 147,000. This decreased annually to EUR 45,000 in 2012, meaning some properties were actually being sold at 70percent lower than their maximum prices as banks were pressured by the European Central Bank to rebalance their books and clear away under-performing property resources. But, it appears as if average prices in 2013 are going to go up to EUR 55,000, indicating that the market may have bottomed out.
Camposol, which translated is countryside in the sun, is a substantial rural development based around an eighteen hole golf course. The development has more than 5000 homes, a hotel and spa complex, numerous shops, bars and eateries, together with key facilities for example a health centre and banks. Camposol is ideal for both a second home and holiday property, or for full-time occupants. There’s an array of dwellings to choose from, from low maintenance apartments to substantial villas with private pools. There are approximately 3500 long-term occupants, mostly British, but in addition a good number of Spanish and Europeans enjoy homes here too. Mainly because of the large amount of permanent occupants a genuine local community has evolved, with a variety of clubs, charitable groups and social groups having been established.
Obtaining a home in the sun is a dream of many. The Camposol development on the Costa Calida inside southern Spain is a really affordable situation of making that a authenticity. Camposol property has a lot to offer, with something for everybody, be it a low maintenance holiday accommodation or a villa with a pool for long-lasting residence.