Is it a good time to buy property in Spain?

Question

I know this has been asked before, but not lately.... I'm thinking of re-locating, living there most of the year and renting part of the year. Want to be able to sell in coming years, though, and hopefully make a profit! And where is a good place to buy? I like bits of Costa Brava but much more expensive than the south, so thinking of inland from Malaga....

Answer 1

No, there are hundreds of overpriced properties on market at the moment, new and second hand. The average rental you can expect - unless you are very lucky - is a maximum of 6 weeks per year. The prices are likely to fall a lot in the next 4 - 5 years

Answer 2

Yes it is a good time to buy ,as in england property developers are going through a bad time and properties are moving very slowly,

Re sale houses are barely moving at all and some people are getting desperate to sell and are open to silly offers,i am talking about the costa blanca area. particularly inland of alicante and Murcia.

there are currently 5 of my neighbours who have been trying to sell for nearly 2 years and have finally realised that they have to slash there prices.

Answer 3

Yes it is an extremely good time to buy, although I think at the end of the Summer prices will be even lower when the financial crises tightens and people have had the income from the July/August rentals. I would suggest you look at companies such as Hifx if you are transferring sterling, you will get a much better rate than through your bank.

I live inland from Malaga and it's a great place to live, property prices have dropped by about 20% over the past year and are still dropping. The only problem you may have inland from Malaga if you are not a Spanish speaker is finding employment (sorry I'm assuming you need/want to work) which at the moment is difficult.

Good luck with your new life.

Answer 4

Have owned property in Mallorca for many, many years.  If you have a Euro bank account could be an okay time but if you are transferring from Sterling you will lose out.  Be very careful of buying a property to rent . Do not go by what an agent tells you, see the official administrator of the property, especially if it is an apt.  Lots of Brits have lost out and ended up in severe debt.  Thing is lots of buildings in Spain are actual Private and therefore you are not allowed to rent these out. Even if you covered every available regulation you still would not get permission.  All it takes is ONE person to report you if the Title Deeds of the property states it is private. This has caused endless problems for people who took out mortgages thinking the rental income would cover the repayments. It has ended up they are stuck with a property they are unable to rent out  can't sell and suffered heavy losses.

Answer 5

Property prices in Spain are on the decline but this is only just beginning, I would watch out prices are set to tumble to a very low level in the next 3 years, ( less than 50% of 2006 values is muted in trade circles), on the plus side if your a buyer you will be able to make a killing in a couple of years.

Answer 6

Nobody ever knows what will happen in the future, but I undestand that the housing market is turning to a buyers' market, so you should have a good shot at making a profit.

If you are really interested in LIVING there, as in really mixing in with the people, then don't go for the coast near Málaga, although I hear that Nerja is really nice.  Inland is really pretty and more natural, more Spanish.  I, personally, would probably settle somewhere in Seville, or near there, if I were in your postition.  Someplace in the Pueblos Blancos (inland of Málaga), near Granada, possibly, maybe in or around Jerez.  I love that area.

Answer 7

Yes, it's a great time to buy. Property is not selling at the moment so it's a buyers market, you can negotiate some real bargains. Depending on the area you want to go the prices are more expensive or cheaper. Barcelona is now one of the most expensive places in Europe (and more expensive per m2 than NY!) so I wouldn't recommend you buy here. However, if you look on the Costa Levante or further south (obviously not tourist places) you can get some real bargain. Jaen in the south and Asturias in the north are really cheap. Even travelling a few miles inland can make a big difference with the price. My advice is to take a few weeks and make lots of trips around different areas to get to see the price ranges.

Answer 8

no not really

Answer 9

i live on costa del sol, at the moment there are so many props for sale it's untrue butthe price still goes up

so in answer to your question i dont think it's the right time to buy

Answer 10

Put it this way.... I live in Spain and I am seeing better deals on property now than 6 years ago. There is some property that is even cheaper now than it was back then!

Lots of sellers are desperate so accepting low prices and developers are in the same position too.

This won't be the case for long though as property in Spain is a generally attractive proposition, both for Spaniards - who have a property buying culture - as for international buyers due to the infrastructure, cheap flights and proximity/good weather ratio.

The Costa Brava is expensive. I would highly recommend Murcia. The average prices are lower than in other places like the Costa del Sol and it is a great area for potential future growth.

Look around and don't be afraid to barter/put offers in.

Answer 11

Yes it is a good time, if you like the costa brava, than have you thought about costa dorada & azahar rather than malaga.

Rental inland is not great a few weeks a year, if you are looking for rental and investment you have to go to popular places,forget south of  Alicante and look at Benidorm area,YES I DID SAY Benidorm great rent and if you pick a nice area good investment..

Answer 12

Considering pound value is higher than euro and that prices of property are going down and down, definitely it's the best time to buy a property, you can find really good bargains.

bye and good luck