Monday, December 28, 2009

Key-ready homes are best bet in Spain

Following media coverage of the failing property market during 2008, most potential property buyers put their plans on hold and the complete market in Spain saw estate agents shutting through lack of sales and the crunch during 2008 was to get even worse. However as 2009 emerged, the estate agents were beginning to see a new surge of property buyers. The shrewd investor saw the decline as an opportunity to secure a dream home at a much reduced price. In fact this aspect of a declining market was the main purchasing selling point that the Spanish Market was using to attract buyers. New residences that have recently been completed has seen the best resulting sales in Spanish property market.

Known as key-ready properties, Martin dell of commented: "The difference is that these properties are available direct from the developer - who need sales to prevent the banks from taking possession." He added that these are better bets than repossessed lots being bought from banks, as developers are able to process matters faster and "negotiate from a more realistic property valuation.

He revealed in an article for International Property Journal predicting that overseas buyers will be able to negotiate "aggressively" over prices for Spanish homes in 2010. There is also a trend in Spanish market that follow the UK market. Smaller one bed apartments and studios seem to remain pretty consistent, as do the properties valued at over a £million.

Buyers looking for long term rental properties in Spain are able to push for bargains to the extent that only lets with no reserve price received offers at a recent auction organised by A Place in the Sun magazine, Mr Dell noted.