Good news and Spain have been reluctant bed partners in recent years. "I'd jump for joy at being able to report something positive, but it's so gloomy," says Mark Stucklin, who runs Spanish Property Insight, an independent website. "Holiday-home sales are down by 90%, and construction of new houses by about the same amount. The market is depressed and it's a challenging time."
Yet Stucklin adds: "This is the time to take advantage of it. There's a reduced pool of buyers and a big pool of sellers, so you can be pretty choosy if you are a buyer today."
There's the thing. If you already own a Spanish property, you are most likely worried about falling house prices and currency fluctuations. And, if you are trying to sell a Spanish property, "probably due to death, divorce, debt or downsizing, you'll need to discount by at least 40% in order to shift it," says Charles Weston-Baker, managing director of Savills International.
If, however, like roughly half of British buyers in Spain, you have cash and a yearning to own a house in this beautiful, diverse and sunny country, which still attracts more holiday-home hunters from the UK than any other, then book your flight now.
"We're near the bottom, and we're going to bounce along it for a while, I think, but prices won't fall any further," says James Stewart, agent for Savills in Andalusia.
While there is no denying Spain's rising unemployment and economic crisis, he says: "Don't confuse problems of sovereign debt with buying a lovely holiday home where you can enjoy the sunshine and have a great way of life."
Report courtesy of The Sunday Times
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