Tuesday, May 18, 2010

Spanish bargains represent good opportunity to buy

Overseas property buyers have been advised to consider snapping up a bargain residence in Spain soon. Industry analysts have warned that property investors could be missing out on bargain properties if they choose to wait until the new government settles before entering the market. The real estate market normally dip in activity over the period building up to and just after an election as individuals look for a less risky environment.

However, the national association of estate agents (NAEA) International said that with bargain long-term rental property to be found in markets such as Spain, now could be a good time to buy. They advised that putting off investment and waiting for the market to stabilize does not guarantee buyers a better price for homes or a more favorable exchange rate

Peter Bolton King, chief executive of the NAEA International, explained that significant price cuts are unlikely as countries as the market is improving and prices are likely to begin increasing in the third quarter of the year.

Price reductions may be a negative development for short-term investors; it could be a good window of opportunity for lifestyle buyers to pick up a relative bargain in the country. Jamie Liddell from Homes Overseas magazine told the Telegraph that Spain is likely to become a "buyer's market", with increasing pressures to sell property and now appears to be a great time to negotiate a below-market value property purchase."