Spain. A marina in Spain

Country Guides Country Guide: Spain

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Date Published:
02/06/2008

Spain is the original second home destination and offers something for every type of buyer - retirees, investors, holiday home-owners, young immigrants. Despite a property market that is cooling in some areas, do a bit of research and you’ll find untapped areas where affordable property is waiting to be snapped up.

duquesa harbour in spain

According to Reuters, the fall in Spanish home sales accelerated in the final quarter of 2008, reflecting a collapsing property sector that has helped tip the fourth-largest euro zone economy into recession. Some 113,274 homes were bought and sold in the fourth quarter, down 13.5 % from 130,884 in the third, Spain's College of Registrars said.

For the year, 561,420 sales were registered, down 28.8 percent from 2007. The average value of Spanish mortgages declined for a fourth consecutive quarter, falling 1.84 % year on year to 136,148 euros ($174,400), the college said.Average mortgage values fell 6 percent in 2008, it said.

Figures from Spain's National Statistics Institute published last month showed mortgage lending fell 23 percent in November compared to a year earlier, reflecting both weaker demand and tighter bank lending.

According to Reuters most analysts say Spanish house prices will fall by up to 30 percent from their highs, though some see greater declines as possible as the end of a decade-long residential construction boom coincides with credit market turmoil.

Consequently, there is a huge stock of unsold property for sale, and newly completed property - a legacy of the boom years of 2005 and 2006 when more than 850,000 starts were given the go ahead - coming onto the market.

Accordingl to Mark Stucklin head of spanishpropertyinsight.com in some areas the market has been almost completely wiped out, particularly in coastal areas with a lot of holiday homes; regions popular with British buyers such as The Vega Baja in the south Costa Blanca, which includes towns like Torrevieja and Catral.

'Procosta - the developer's association of the Vega Baja region - has said that sales in the region are down by 80 per cent. Brits have been turned off Spain by stories of corruption scandals, demolition threats, land grabs, and unease about the market and prices. Now the exchange rate is doing its bit to turn British buyers away.'

The pound fell by around 15 % against the Euro in the last quarter of 2008 but there are signs of recovery, depending on which reports you check. However, in today's economic climes few things are certain.

For some would-be second homebuyers in Spain, the strength of the euro is the final straw. But not everyone sees it that way. Some estate agents, being ever the optimists, claim that now - when the market is falling - is actually the time to buy in order to get the best deals.

You can now search for your very own dream overseas property on aplaceinthesun.com

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  1. hello G. Tullet. I'm 23 and just moved back to england from spain. i can highly recommend 2 areas for you. La manga (la manga club is amazing for work as torists are nearly all english and not your typical benidorm behavour as its a 5 star golf resort with plenty of work) the houses in the club are way too expensive for most people but la manga itself is very reasonable. The other area i reccomend for a family life where english is spoken but its not a stag/hen resort (its amazing) is moraira area again with pricy houses but literally 10 miles out these places are bargains to be had and all within easy reach of the english/german areas. Good luck, you will love it!!!!!
    Posted by Vicki on 10/07/2009 15:37:27
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  2. Me and my partner are looking to buy in spain.In our early 20's and have a young daughter,we do not speak spainish we like somewhere that is lively for me partner and family holidays but safe for baby.And where English is well spoken need advice on best property companies,pepole,places and prices can you help.
    Posted by G.Tullett on 08/07/2009 12:47:20
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  3. i am looking to rent a small holding or a bunglaow with some land to work. i have a seen a (WHOLE VILLAGE) FOR SALE,,WOULD IT BE POSSIBLE TO RENT.i wols like somewhere where it is possible to breed my dogs. glenn
    Posted by glenn on 25/06/2009 12:27:41
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  4. In February 2007 I took the decision to move to Spain. and sold my interest in my Estate Agency Tailor Made located on Sandbanks Beach Poole Dorset. Fortunately the sale had completed by September 2007 before the credit crunch really kicked in. Well life in Sotogrande for 2 years has been wonderful and our family have no regrets. I love golf boating deep sea fishing and tennis my girls love horse riding and swimming. Wife enjoys lunches coffee mornings spanish lessons and the beach. However there is only so much of the goodlife a man can take and toward the end of 2008 i had pangs of opening an office. The recession did not deter me as I had opened previously in a bad slump so by January 2009 Tailor Made Estate Agents opened in Sotogrande Port. Sotogrande has to be one of Spains best kept secrets 30 minutes from Gibraltar Airport 1 hour from Malaga airport and 30 minutes from Marbella it is a sporting estate and a part of the Costa that has not been spoilt by highrise or mass tourism. The downside is that its expensive definately a playground for the wealthy. However those who in the last 4 or 5 years may have dismissed it due to the cost of property may need to look again. Here in Sotogrande Marina they have created a venice style canal system with apartments built on islands and where as once you could buy a 2 bedroom apartment for 500,000%u20AC we now have 2 bedroom apartments in the same developments selling for under 330,000%u20AC. Villas once priced at 2.25 million euros now selling for 1.4 million euros. Sotogrande is home to Santa Maria Polo, Valderrama Golf club, San Roque Golf club and a port that has to be one of the best and unpoilt in Spain
    Posted by Francis Payne on 17/06/2009 10:32:16
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  5. i wnat help to looking property in spean please could you find for me best propery
    Posted by priya on 23/03/2009 09:19:26
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  6. i wnat help to looking property in spean please could you find for me best propery
    Posted by priya on 23/03/2009 09:12:06
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  7. Spanish home owners looking to sell their property need to understand the reality of their situation and stop desperately hanging on to unrealistic valuations. The market dictates the real value of a property and not what the owner thinks it "should" be worth.
    Posted by Robert on 26/02/2009 17:01:53
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  8. Do you have any advise regarding bank guarantees in Spain. We purchased a property in Costa Calida in March 2008 which was due to be completed in March 2009.The developer has delayed the completion date until October 2009 which means he has not fulfilled his obligation as per our contract. What is the best way to get the money we have placed on bank guarantee back from the developer.
    Posted by Catherine Steele on 11/02/2009 19:25:34
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  9. hi. my partner and i brought a new 2bed 1bath apartment in costa blanca last year. we are very happy with our purchase through a top company.we have now decided to upgrade to a bunglow or villa 2bed 2bath garden pref with pool. we will be moving out next year as i need warm weather for my disability.we wood like to know how we can use our present property whitch we own as calatral againts a new proprty. many thanks. george.
    Posted by george on 30/01/2009 14:49:38
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  10. Hello, I'm thinking of buying property in Spain for my young family. Dont know where but, could u give some information on.... 1 & 2 bedrm appartnents, with pool. Also do thay come furnished. What is local employment like. Close proximety of the coast too.
    Posted by Mr Barker on 24/01/2009 07:30:00
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  11. Not much is said about Gran Canaria re buying a holiday home there. I appreciate it's not the cheapest place to buy but are there any other reasons why this island might not be recommended? Thanks.
    Posted by katy b on 05/01/2009 17:04:44
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  12. Buying a property in Spain will always be popular with the Brits because of its close proximity to the UK and its relative ease of access. Indeed it is a buyers market at the moment and there are certainly a lot of property bargains to be had throughout Spain and her islands - you just need to look closely and negotiate direct with the seller.
    Posted by Les Calvert on 21/11/2008 13:25:23
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  13. Good afternoon, We have a beautiful 7 bedroomed detached house just outside Murcia, with a separate 2 bedroomed annexe. We would very much welcome your advice on how best to market this property for sale both here in Spain and in the UK. Many thanks.
    Posted by Jennifer on 27/10/2008 15:47:14
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  14. I think it is safe to say that there are many bargains out in the market right now. And that the market is realistically correcting itself and properties are selling at around 30% below bank valuations of 12 months ago..... With regards to the amount of unsold property on the market, I think quite simply the sellers, and I include builders in this need to start getting realistic with the prices. What we are noticing as soon as a property comes to the market at around that 30% less it sells very quickly, particularly if it?s below 120,000%u20AC. This price level seems to attract cash buyers or either people taking some equity from their main residence, or topping up their saving with small mortgages of 50 to 60%. As we are finding that this end of the market probably has more buyers, than sellers at the moment it seems that the prices are now leveling at this 30% less...
    Posted by Anthony Duggan on 20/10/2008 22:48:36
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  15. Hi, We have a wonderful apartment 25 years old but wonderfully re-furbished. Fabulous med views 3 miles from Nerja. Walking distance to beach bars. 2 large double bedrooms, 2 bathrooms. Lovely communal grounds with tennis court and pool. Very keen to sell to free up capital for retirement. Hope you can include it on your show! Thank you.
    Posted by Sally Moralee on 17/10/2008 16:17:38
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  16. I like to buy a property in Turkey before I am die? How can I look at proprty in Turkey on your web site? How much doaes it cost to buy a 2 bedroom apartment in Turkey/Altinkum, or any where in Turkey! I am very unhappy and bored with my life! I am freezing and very unhappy! Regards
    Posted by nuran powell on 27/09/2008 15:18:42
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  17. I like to buy in Turkey?
    Posted by NURAN POWELL on 27/09/2008 15:15:07
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