Days of Plenty in Spanish property

Days of Plenty for Spanish holiday homes developers selling off plan to eager buyers have been replaced by Days of Plenty of unsold Costa homes.

The overseas property market situation is said to be deteriorating due to falling buyer confidence, rising interest rates, growing mortgage delinquencies, the so-called credit crunch, and a rising Euro that is pricing British buyers out of the market.

Pundits say there are 300,000 unsold homes in Spanish coastal areas alone and research shows 75% of them are carrying a discount of one sort or another of which 30,000 can be snapped up at 20-30% below market value.

Which surely makes it the ideal time for UK buyers to grab the bargain of a decade? Research on the internet will show the best areas with the best facilities and at the best prices. Make sure there’s a show house to inspect when you get there. A round of drinks in the nearest Brit bar should reveal any local issues. Avoid free viewing trips, introductions to linked lawyers and side trips to a “last minute bargain” organised with an untested local estate agent.

Organise your mortgage before you go, set a firm budget and buying brief and stick with it. The best mortgages from 50 Spanish banks can be sourced through London-based Finance2Go and http://www.propertyinspain.net/ provide useful property checklists free in their comprehensive view trip packs and have plenty of big discount deals.

They say the best bargains are to be found in Costa Blanca, turning right from Alicante Airport. Enjoy 3-5 years of great holidays in your new place and then watch the values start to rise again. Over 50s can use their bargain purchase ahead of fulltime retirement.

Days of Plenty for buyers with a nose for a bargain…