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10/05/2010 - Spanish prices set to Boom - Don't miss out  10/05/2010 - Spanish prices set to Boom - Don't miss out

Yes it's a fact - Spain's property market has finally bottomed out, sales are soaring, prime units are running out and the confidence has returned to the Spanish property market - Grab yourself a bargain while you still can.

Spain, once the jewel of the European property market, has seen prices fall by up to 50% in the last two years. This year, however, leading developers and banks are reporting sales growth of over 200% in some areas - indicating the market is on the verge of recovery.

Spain has been the preferred destination for Europeans for over two decades and it is no wonder with over 300 days of sunshine per year, stunning scenery, historical cities and a truly remarkable culture and cuisine. 

Mention Spain to anyone and it will conjure up ideas of flamenco, sangria and lazy days spent by the white sandy beach or on one of the world's best golf courses.

Prices at their lowest since 2005.


Prices have not been this low since 2005 and it is possible to find good discounted property in all areas of Spain. 

Pricing in the Costa del Sol is still far from what it was at it's peak with discounts of up to 50% in some areas, particularly in Benalmádena, Mijas and Fuenjirola, and on the south of the Costa del Sol; Estepona, Manilva and Casares.

Some areas of The Costa Blanca are recording discounts of up to 50% by some developers and most experts agree that there is no margin left for developers to reduce prices any further.

Marc Pritchard, Market Development Manager for Taylor Wimpey de Espana said, 'In Mallorca. for example current prices are around 20% less than what they were at their peak and on the Costa Blanca prices are up to 50% less. People are realising that now is a good time to buy in Spain as prices are very competitive, but these prices won't last forever'.

Sales increase by 200 Percent

Developer Taylor Wimpey de Espana has seen first quarter sales to foreign buyers at its Marbella project rise by 150% compared to the same period last year. And it's a similar picture in Mallorca, where sales have risen 200%.

The latest figures from the National Institute of Statistics (INE) show that the Spanish property market grew by 16% in February compared to the same month last year, building on the trend started in January. This suggests the market has touched bottom and is starting to recover after two years of declines.

“The British know Andalucia and Mallorca are premium locations and are taking advantage of interesting current prices,” said sales and marketing director for Taylor Wimpey de Espana, Victor Sagué.

Sales are up 200% in some regions compared with 2009.

It's a similar story all across Spain with developers and financial institutions all reporting an increase in sales, especially in prime locations. 

Confidence has returned to the market

According to the Housing Ministry, approximately 200,000 newly built units were sold in Spain in 2009, and the number of sales continues to rise quickly in 2010.

CAM Mediterranean, one of Spain's largest banks, is currently making two-thirds of its international sales in the southern Costa Blanca. “The other areas of the country don’t even come close to competing with this figure,” said CAM’s director of international investments, Alfredo Milla.
 
He added that CAM hasn’t changed its prices since 2009 but foreign investors have regained their confidence, commenting that: “It’s no longer deemed financially irresponsible to buy a second home here in Spain in this new optimistic climate."

Property supply in some areas is running out

Building restrictions in Marbella over the last few years have led to a shortage of good quality property for sale, in particular at the key 200,000 Euro to 300,000 Euro price point and leading developers have completely sold out of some developments and have very little remaining stock in others.

Marc Pritchard, Taylor Wimpey, is optimistic for the future; "La Floresta on the Costa del Sol is selling very well, with ten units sold in the first few weeks of launch.  We re-launched the second phase (16 units) at El Puerto II in Mallorca last week and we are also in the process of launching the second phase at Los Robles, in Los Arqueros, Marbella and The Valle de Alenda at Alenda Golf on the Costa Blanca during May/June."

If you've been putting off your decision to buy in Spain....don't delay.

The best units are being sold now and the likelihood is that prices will start to increase, particularly in key areas.  If you delay your purchase you could lose the opportunity to secure one of the best units and you may have to pay a higher price.

* Prices are at their lowest since 2005
* Discounts of up to 50% can be found in key locations
* Sales are up 200% in some areas
* Stock of prime units is already running out
* The Euro is at an all-time low

Let's take a look at some of the deals currently on offer:

Mallorca - 3 bedroom apartment, 142m2 price was 720.000,00€ NOW 620.000,00€
Mallorca - 2 bedroom apartment 88m2, price was 340.000,00€ NOW 248.000,00€
Alicante - 2 bedroom semi-detached villa, 91,68m2 Price was 267.000,00 € NOW 174.531,75€

Costa del Sol - 2 bedroom apartment 92.15m2 Price was 315.000,00€ NOW 244.000,00 €

Not what you're looking for?  Contact us for special deals in other areas of Spain.

Even more for your money

As if these discounts weren't enough, the other good news for non-European nationals is that the Euro is running at an all time low - meaning you can get a lot more property for your money. 

At todays exchange rate a 100,000 Euros property will cost you just

75,500 USD
86,860 Pounds
181,832 SGD

You can even secure the price of your property and protect yourself against future rises in the Euro or declines in your own currency - please contact us for details.

What about mortgages?

There's good news here too - the availability of finance is increasing in Spain especially in prime areas such as The Balearic Islands and Valencia province (Costa Blanca).

The number of new mortgages approved in the Balearic Islands increased by 21.9% in February compared to the same month of 2009, reaching a total of 1506, according to the National Statistics Institute (INE).  Valencia recorded an even larger increase of 27.4%.

This can only be good news for those seeking finance on their Spanish home with mortgage lenders now willing to lend up to a maximum of 70% of the evaluated price of the property.  Interest rates are currently running at around 4.13% with 95.7% of mortgages secured on variable interest rates based on the Euribor.

Still not convinced?

Spain is the third most visited country in the entire world, welcoming over 59m visitors every year. 

Property enquiries from the Internet for Spain are up 92% since last year and Spain is the most searched for country in the overseas property market.

With sales up 200 percent in some areas there are certainly many people out there who are confident that this is the time too invest:
 
* Prices are at their lowest since 2005
* Discounts of up to 50% in key locations
* Sales are up 200% in some areas
* Stock of prime units is already running out
* The Euro is at an all-time low

Your return on investment could be massive

Property prices are at a 5 year low, in fact the lowest they have been since 2005. You have read in this report they have now reached the bottom, sales are up by 200% in some areas and prime units are already running out.

If you buy now your return on investment could be massive.  Buyers who bought property in Spain ten years ago saw their investment triple and even quadruple in value in some areas and savvy investors knew exactly when to sell - when the market was booming.

At the moment this is under most peoples' radar but it won't stay that way for long.

How do I know my purchase is secure?

Let's not forget that Spain has had some bad publicity in recent years and has had problems with unscrupulous developers in some areas.  That's why Marbella declined to issue any new building licenses for a full three years - which is also why there is a shortage of available property right now. 

Despite newsworthy exceptions, the vast majority of development in Spain is carried out with full respect to the law.

All our Spanish properties have already undergone full due diligence checks, on land titles, building licenses and building permission and this information is readily available to any purchaser.  You can be sure that what you are purchasing is 100% legal and debt free. 

If you wish we can recommend the services of reputable Spanish lawyers and we can also assist with obtaining NIE numbers.  Our dedicated after-sales service will also ensure your purchase in Spain is trouble free.

How can I make arrangements to view the property?

If you would like to take a trip to Spain to view property we will be pleased to arrange this for you. 

Our experienced consultants can arrange a viewing of your chosen developments throughout Spain, without any pressure to make a commitment.  Our consultants are either Spanish or have lived in Spain for many years and are able to advise you on different areas to suit your lifestyle and your budget, they can also guide you through the purchase process.

A typical viewing trip includes:

  • 2 days (1 night) depending on flights and the number of developments being viewed.
  • flights from your nearest UK airport*
  • Collection from Malaga, Palma, Mallorca or Alicante airport.
  • Accommodation near to your chosen development (4* hotel)
  • Full presentation of properties, the development and the area.
  • Time to get acquainted with the area
  • Return transfer to the airport in Spain.

The Normal cost of our inspection visit is 149 pounds per couple or 99 pounds for a single person (from UK).

We can provide inspection visits to Spain from any country world-wide, please contact us for more details.

Has there been a better time to buy in Spain?

The answer is no - not in recent years.  Spain's property market is recovering and these low prices will not last for long judging by the increase in sales volume over the last few months.

* Prices are at their lowest since 2005
* Discounts of up to 50% in key locations
* Sales are up 200% in some areas
* Stock of prime units is already running out
* The Euro is at an all-time low

If you don't want to miss out - don't delay.

Contact us at info@oceanvillasgroup.com or visit www.oceanvillasgroup.com for further information.

*subject to availability and terms and conditions.
 







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