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The pros and cons of buying new property in Spain

If you’re looking for a profitable destination when it comes to buying and selling property, you may want to consider new property in Spain.

Be it one of the holiday villas in Calpe along the beautiful Costa Blanca or an investment property for a client’s retirement portfolio, Spain has hundreds of new property developments, offering a world of choices. Properties range from apartments, developments in small towns, inland property, and coastal property. But as with any new business decision, it’s important to weigh all the pros and cons before you enter the market.

 

Is it a good idea to buy property in Spain?
 

Spain has been firmly placed on the map as a favourite holiday-home destination as many Britons choose coastal towns such as Calpe as their recurring holiday destination of choice. In recent years, it has also become a property investment haven. It is the many pros of new property in Spain that have led investors and vacationers alike to flood this market. Here are a few of them:

In 2015, the Spanish market picked up, recovering from the global property crash of 2009, which scared off many international buyers. Recently, however, these buyers have returned, ready to take advantage of the value-for-money deals on new property in Spain.

Spain offers holidaymakers a fabulous lifestyle, with over 315 days of sun in some regions, the stunning Mediterranean climate, pristine beaches and world-class infrastructure.

Spain as a holiday destination is, in many ways, more affordable than in the UK.
Currently, Spanish property prices are at the kind of low seen only once in a generation. Many Britons are taking advantage of the strong pound to either finance one of the holiday villas in Calpe, or in an investment property of their choosing in cities such as Barcelona.

Pros and Cons of Investment Property Spain

 

Can’t be too cautious with these cons
 

With the global downturn in the property market still fresh in the minds of many would-be buyers, they will be arriving in Spain more market focused than ever before. Your job as an estate agent is to work through your client's concerns and fears by offering peace of mind and solutions to the cons they may have identified, including:

As the years have gone by, the Spanish property market has picked up a reputation for having too much red tape when it comes to buying property. Although this has improved, it is still advisable to get a lawyer, preferably one who knows the Spanish market, who will be able to assist you in making the best decisions.

Rushed build jobs and shoddy workmanship also plagued the new property market prior to the downturn. But a new generation of developments are offering buyers better quality property. When considering new property in Spain, it is recommended that you keenly inspect the building standards before buying. Be sure to assess the property on more than price alone, also consider the terms of the scale of buying costs in another country, i.e. lawyer fees, taxes, etc.

With so many destinations of choice within Spain, it can be tricky deciding where to buy – and which areas will offer the greatest value-for-money. This is more of a pro/ con scenario; there are so many options available to buyers, but each area should be considered on its own merit. For example, one of the most famous coastlines in Spain, the Costa Blanca, attracts millions of visitors each year and is a favourite destination for foreign holiday home buyers because of the clear blue sea, golden beaches and quaint villages. Costa Blanca sits in stark contrast to the city appeal of areas such as Barcelona which may offer higher investment returns, but with a higher purchase cost.

If you are considering coastal property in the Costa Blanca region, we will personally show you all the pros and soothe some of the concerns that you may have. Contact us here.

 

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