Brits missing out on Spanish house bargains

Spain's property market, completing a year-long readjustment that has seen house prices fall progressively to, typically, 30% below their previous value, is now offering amazing bargains for the savvy investor.

Sales are becoming brisker and one Costa Blanca agent hit the jackpot with a five-a-day sales record. Banking giant Santander, who had swapped developer debt for developer finished property, sold 350 of the key ready homes to its staff in no time at all and some developers concluded useful discounted sales runs by increasing prices of the next offerings.

That’s cheeky, but who knows what price levels will be like two years down the line. This level of confidence, with sales now running at 1,000 homes a day, has not yet been seen in the UK and other European markets so far.

Spanish property has suffered along with many other western European sectors, and has seen a fall off in the number British buyers looking for homes after a drop in the value of the pound. Now surviving developers and their banking partners are gearing for the return of Brit buyers.

However, property experts believe that UK residents are missing out on excellent property investment opportunities while investors from Russia, Scandinavia and the Benelux countries are snapping up incredible property deals. Some Spanish property firms have seen a massive increase in enquiries from UK investors since February. It is mainly from investor groups, who appear to be the only ones with funds available for multiple units.

But Brits, seeking a holiday home or future place for fulltime living, can bag their own bargains if they work with a reputable property firm offering genuine, fully legal bargains from partner banks who are happy to provide up to 90% LTV mortgages.

Not all of these repossessed and must sell properties are “cheap” because that does not allow for prime location, condition and access to airports, beaches, leisure and other amenities such as bars, restaurants and shops. They are definately the best value, specifically the brand-new, key ready apartments and villas, being sold at huge discounts by developers being pressured on their development loans by the Spanish banks.

UK buyers may decided that a good tan and relaxed lifestyle in Spain is better than being Browned-off” by the McBroon fiscal chaos and ratched-up taxation needed to remedy Britain’s economy over the next decade or so?