Monday, January 26, 2009

Spanish property hunters should do their homework

Overseas investors looking for property in Spain should do research their locations thoroughly and get good local advice, according to one legal expert.

Bruce Wilson, tax partner with chartered accountant Campbell Dallas, claims Brits looking for Spanish property needs to remember that unfamiliar laws and customs can make buying a home seem like a daunting prospect, but these potential pitfalls could be avoided by carrying out the correct research and establishing relationships with companies.

Mr Wilson commented: "It's a different culture, different rules, different laws … It's just a different way of doing it,"

Jim McCook, of Safe Buying Experience, said that buyers can also look for the Safe Buying Experience accreditation, which is an independent quality award. He added that friends and family who already own property in Spain could help with vital inputs, adding that living in Spain for a few months offers the chance to make a truly informed decision.

He also said that having a lawyer who is a member of the Colegio de Abogados, which can help minimize risks. Meanwhile Citywire has stated that downturn in the Spanish economy and property market mean that house prices have fallen and bargains may be available to overseas buyers. Anyone thinking of taking advantage of that situation should ensure they plan the move carefully that includes researching any potential legal pitfalls, preferably by employing professional help.

Shelter Offshore also stressed the point and reports that UK consumers should seek legal and financial advice from an independent professional. The tax regulations are very different in Spain from in the UK and buyers also have to look into local taxes and the purchase procedure, inheritance and capital gains taxes. The website also added that Prospective expats should familiarize themselves with their future home before planting permanent roots.

Saturday, January 24, 2009

BBC Newsreader has given high rating for Tenerife as heaven on earth

BBC newsreader Huw Edwards has spoken positively of his decision to holiday in Tenerife in Spain.

The TV star has stated in the Daily Telegraph that he was able to enjoy a much more relaxed pace of life in Tenerife than he could in the UK, mostly because it has such good weather, clean beaches and attractive landscapes and it is a heaven on earth.

He commented: "It's perfect for a person like me but it's also great for all my family because we're very close to some great shopping centers and restaurants. The combination of sunshine, rugged beauty, clean beaches, wide range of restaurants and good restaurants would take some beating."

Meanwhile, Siam Park, a new Thai-theme water park has been opened in Tenerife and it is now Europe's largest water park and its arrival may well create greater demand for properties letting to buytolet sector. The park is in the south of Tenerife and is nearby to other resorts including Los Cristianos, Las Americas, and FaƱabe. Visitors can dine at well equipped hotels and cafes catering for all tastes.

Property Showrooms has stated that claims that could boost family tourism and boost the buy-to-let property market on the Tenerife.


This comes after the news that Global Edge website revealed that nearly13, 000 out of 60,000 Google searches for Spanish property was for the sun-soaked island of Tenerife.

Wednesday, January 21, 2009

Property prices in Spain are now back at the same levels as 2005

Property prices in Spain are now back at the same levels as 2005 and this Falling prices may mean overseas property buyers are able to snap up some bargain properties in the coming months.

Jose Luis Escriva, Research head at BBVA, Spain's second biggest bank, has suggested that property prices in the nation could fall by five per cent in the next 12 months . During 2008, Property prices dropped in the majority of provinces by 8.8 per cent compared to the figures for 12 months earlier. Madrid experienced a drop of 7.6 per cent, followed by Murcia and Tenerife which experienced price drops of 5.8 per cent and 5.3 per cent respectively . However, Sevilla, Cadiz and Valencia saw prices "creeping up", with year-on-year increase of 3.4 per cent, three per cent and 0.9 per cent respectively.

Spain is still proving alluring to British property buyers despite falling prices and nearly 760,000 Britons find the nation irresistible and moved to Spain. People looking to buy property in Spain may be buoyed by the predictions of Spanish Hot Properties that prices in the country could drop by a third, making 2009 a good time to invest.

According to the Independent, the real estate agents in Spain have been forced to reduce asking prices in many areas. The publication believes that this will ultimately be good for investors, as they can snap up properties while they are unusually cheap before the market picks up again.

The Independent reports: "No downturn lasts forever - the worst time to buy suddenly becomes the very best time."

Tuesday, January 20, 2009

Murcia recommended for lifestyle buyers looking for true Spain

Murcia Spain

Spain is likely to be the popular destination for lifestyle buyers from the UK looking for true Spanish lifestyle, an expert has stated.

According to Mike Hamilton, managing director of Casas de Lorca, of Property Wire , there is no doubt that the country is still an attractive option for expats and holiday home buyers and the "true Spanish lifestyle" is appealing to a number of Brits. He added that growing number of Britons are choosing to live in the Murcia region of Spain as it stands out for that kind of lifestyle. The region offers lots of attractions such as good quality housing, services, amenities and wealth.

Mr. Hamilton said that people looking for Spanish property tend to want to integrate with locals, enjoy the "lifestyle attractions" and learn the language, which Murcia can offer to those house hunters. In addition, he highlighted its high living standards and the affordable price of goods and services. Data cited by Homes Worldwide showed that the number of Britons registered as permanent residents of Murcia has risen from just over 1,000 eight years ago to more than 17,000 last year.The coastal towns such as Los Alcazares and Cartagena are increasingly becoming a hotspot for expatriates from the UK.

Recently the Telegraph has stated that the Murcia property market is expanding at a significant pace and is likely to keep growing. The prices of high-end properties such as luxury four-bedroom villas are still relatively cheap, with some priced for less than £200, 00.

Commenting on the current trend of the market, the Telegraph said: "Murcia has growth potential with the significant upgrade of its airport, Corvera, due to be ready by 2010."

Sunday, January 18, 2009

Spanish properties -a tangible investment

Property in Spain is an interesting investment proposition and sound long-term financial choice, according to one housing expert.

Victor Sague, marketing director of Taylor Woodrow de Espana, has told Homes Worldwide that people are beginning to view Spanish property as a long-term investment opportunity. He added that People are now moving away from the short term view that property once was viewed as and are now looking at it as a long term investment opportunity. Over a longer period of time financial gain will be good, after all bricks and mortar is a tangible investment.

He commented: "The continuing popularity of Spain helps ensure that property purchased in Spain will always hold its value." Recently there has been a rise in cash investors from UK looking to purchase property in the country. As Mr. Sague explained only in Spain, they can enjoy a beautiful balmy climate, stunning beaches and scenery, affordable property and all just a short low cost flight from the UK?"

Mr. Sague added that Spain has something for everyone and expats dreaming of living near a beach, on a golf course, or in the "real" Spain can all find their perfect homes and is currently offering "spectacular bargains". Spanish Hot Properties has stated that prices in the country could drop by a third, making 2009 a good time to invest. Company director Nick Stuart stated that the market could give "incredible value" and will benefit those looking to move abroad or buy a second home in the country.

Meanwhile, John Howell, from the International Law Partnership, told Country Life that people should think of investing in property in Spain as it is the nearest destination with year round good climate, adding that the infrastructure can support large numbers of British expats.

Wednesday, January 14, 2009

Prospective buyers in Spain should take hard-nosed approach

For the overseas investors who are looking to buy property in Spain, top advice has been offered by the Spanish Property Owners Guild (SPOG).

According to SPOG, there are several aspects potential investors need to consider to purchase property in Spain. The organization has warned that people must ensure they take a "hard-nosed investment approach" and Staying level-headed is therefore of utmost importance.to avoid numerous pitfalls.

Meanwhile, the Guardian has reported that the number of British people moving to Spain has increased by 12 per cent, making them the country's fourth-largest immigrant community. Paul Bradley of the organisation commented: "Spain is one of the favourite escape routes for Brits as it is so near and has a great climate and wonderful people." Anyone thinking of taking advantage of the Problems in the Spanish economy and property market as house prices have fallen and bargains are available to overseas buyers should ensure they plan their move carefully.

According to What Investment, the upkeep and ongoing costs also need to be considered along with the the face value of the property. They will often need to budget up to an additional ten per cent for purchase costs other than the property's asking price.

In related news, homesoverseas.co.uk gives prospective buyers advice on where to buy, recommending San Miguel de Salinas as a hotspot for golf, with developments to the north of the region around Denia and Javea also of interest.

Sunday, January 11, 2009

Spectacular bargains in Spanish costas

Spanish Costas

Properties in Spanish costas are popular as ever with overseas investors, especially now as it is possible to find bargains, a property expert has claimed.

The idealist.com has stated that Coastal resorts in the area are seeing falling prices, with drops of 15 per cent in Malgrat and Pineda y Premia de Mar and 13.3 per cent on the Costa Brava. The plummeting prices could spell good news for Brits hoping to move to Spain.

John Howell, from the International Law Partnership, told Country Life that people planning to take advantage of falling house prices in Spanish costas should not be afraid to make low offers. He added that the infrastructure can support large numbers of British retirees. Mr. Howell also suggested that repossessions and distressed sales may be good investments.

Martin Dell of kyero.com has said that some Spanish property sellers are currently willing to reduce their prices by as much as 30 per cent. Industry experts predict that Brits looking to buy homes in Spain could enjoy "incredible value" in 2009.

In related news, Brits are now the Spain's fourth-largest immigrant community and recent figures showed that the number of British people seeking a new life in Spain has risen by 12 per cent.

Monday, January 5, 2009

Brits migration rate to Spain inceases

Brits are set to continue their love-affair with the Spanish properties as the number of British people moving to Spain has increased by 12 per cent, according to a media outlet.

The Guardian has cited the figures released by the Spanish government, there were 352,000 British expats living in the country at the beginning of 2008 and experts predict that the number of Brits looking for property in Spain will remain strong in 2009.

However, the Foreign Office believes this figure hugely under-represents the actual number as it said that one million Britons now live permanently in Spain, suggesting that many british expats have not registered at town hall.

Property experts highlighted a number of reasons for this increase that the Brits love the laidback lifestyle, year-round sunshine and low cost of living in Spain, adding that other "emerging destination" do not have the quality of health care and same family values that Spain offers. A study by Holiday-Rentals and Savills found that Spain is the most popular country among overseas property buyers in Britain as 34 per cent of British-owned foreign residences are located in Spain. This puts it ahead of other European investment hotspots such as France, Portugal and Italy.

Meanwhile, the Office for National Statistics has stated that Spain is currently the most popular European country among British expats.

Sunday, January 4, 2009

The Travel Convention 2009 in Barcelona

The Travel Convention 2009, the annual overseas conference organized by
The Association of British Travel Agents (Abta), will be held in the Spanish city of Barcelona for the first time.

Ignacio Vasallo, director of the Spanish tourism office welcomed that Barcelona had been chosen to stage the convention in October. This year's annual event will take place in the city between October 6th and 9th. He added that there is never a dull moment in the vibrant beachfront city and Barcelona is looking forward to welcoming the delegates of the Travel Convention to Barcelona in 2009.

Abta chief executive Mark Tanzer stated that they had considered staging an expanded UK-based convention but concluded that this will not be an appropriate year to try out a new format. He said that he was thrilled to take the Travel Convention to Barcelona for the first time as it is one of the world's leading cities.

According to figures cited by Mr. Vasallo, 16 million people from the UK visited Spain in 2007, with Barcelona in the top of charts. This is positive development for rental investors and those who wish to make money by renting out their properties should look at Barcelona as now it offers a variety of bargains.

In related news, Times has reported that the downturn in the property market has seen average sales prices down by ten per cent this year and sellers are accepting offers of up to 20 per cent below asking price.