Wednesday, March 31, 2010

Fantastic bargains found in the Catalonia region of Spain

Foreign buyers may be able to snap up a number of bargains in the popular Catalonia region of Spain as fantastic bargains can be grabbed in the region than any other part of the country, experts have suggested.

According to idealist.com, overseas property investors can use the changing nature of the Spanish property to their advantage if they carefully consider the nature of their investments. Sales in the Catalonia region have fallen by around half and new housing starts are down by 80 per cent. Coastal resorts in the area are also 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 falling prices could spell good news for Britons hoping to move to the country.

The country's status as an established market for overseas homes will also help matters once its economic recovery gains momentum. There has been a slowdown in the Costas - which could open up opportunities to make a shrewd investment, as Spanish property remains very popular. According to Shelter Offshore, huge number of Brits found the nation irresistible and has made a permanent move despite falling prices in the country.

Citing its "fantastic" climate and rich culture as reasons people are drawn to Spain, the portal states that the nation is so vast and diverse there is a part of it which suits the needs of anyone thinking of moving abroad.

"Real bargains" are available for holiday homes and investors should not be put off by the current nature of the property market in the region, as demand for Spanish holidays will always remain strong thanks to a potent combination of sun and the accessibility of budget airline routes.

“Overlooked” is the best term to describe south Catalonia, says Rita Fryer, of The Property Finders. Coastal apartments in South Catalonia start at £100,000 and good-quality detached villas in close proximity of the beach are priced from £270,000. Inland, village properties start at £100,000, though buyers might find a 250sq m olive press to refurbish for £35,000. Rustic properties for refurbishment, with a few hectares of olive groves, start at about £120,000.

Whereas in North Catalonia, Good-quality coastal apartments start at €300,000 (£200,000); villas, at £400,000. Masias in the interior start at about £550,000.

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