Spanish Property Proves Popular

It has been reported that property in Spain has proven so popular with overseas buyers that many developments now have waiting lists in order to allocate apartments accordingly.

The Vera Playa Sol development in Costa Almeria has become inundated with prospective investors trying to secure selected properties. Many investors have viewed properties online rather than in person, and it has been revealed that a Spanish bank struggled to evaluate the mortgage paperwork and allocate reservations due to the sheer volume of interested investors.

A South African buyer has been quoted saying: “I selected by Skype and Google street view, waited for several days and finished up getting my third choice penthouse. I paid €62,000 for a brand-new, 2-bed pool and sea view penthouse with all appliances and a choice of four swimming pools. I am over the moon.” They will of course require overseas property insurance on such an investment.

Furthermore, such popularity for Spanish property has been attributed to the extreme price cuts that have been seen across the country. In many areas it has been reported that prices are around 50% lower than they were at the peak of the market. The Spanish Government has also slashed property purchase tax by 50% to just 4%.

With the Euro seemingly in decline, and mortgages being offered of up to 107% LTV to potential property investors, now could indeed be the right time to invest in the Spanish property market.