The Spanish Property Market For 2006
Demand has remained high in the Spanish property market despite growing competition from other emerging markets elsewhere in the world. Most notably from the brand new ‘red hot’ property markets of Eastern Europe. So far 2006 has seen Spain retain her enviable position as one of the best places in Europe that one can purchase property. This popular destination has remained right at the top of most people’s international lists of favorite places to go for holiday homes and serious property investment. While there may be other emerging hot markets, Spain has something that newer markets do not have which property investors greatly value, and that is a consistent track record over a number of years. Recent steady improvements in the economy and most notably in the tourism sector have caused the Spanish property market to flourish even more.There are quite a number of other factors that Spain still has going for it; For instance the weather is great with many parts of Spain enjoying as much as 320 days of sunshine every year and very mild winters. The result is that apart from those who purchase for investment purposes, this has also created a huge market for homebuyers - those who simply purchase a house for the purposes of settling in Spain, or as a second home where they can flee to during certain times of the year when the weather gets a little harsh in Europe and other parts of the world - not to mention the fact that the lifestyle in Spain is at a much higher level than that in other neighbouring country in the region. However, the main reason the Spanish property market remains buoyant, with investors flocking into Spain in such great numbers, has to do with the amazingly high rate at which property values still tend to appreciate. It is said that doubling an investment within a very short space of time is extremely easy in the Spanish property market. It is in fact the norm. New investors have continued to flock into the Spanish property market even as experienced investors have made every effort to increase and expand their existing property investment portfolio in this market. Unfortunately, the boom over recent years created the usual situation where unscrupulous persons look to cash in quickly. Although extremely rare, what has emerged is all sorts of horror stories involving the purchase of Spanish property. The interesting thing is that somebody taking the normal precautions that people take when parting with huge sums of money, would have avoided a vast majority of them. Precautions include checking and verifying, sleeping over the decision to purchase, using a solicitor, and generally refusing to be hurried into the purchase of any property by aggressive salespersons or real estate agents. Avoid these pitfalls when buying Spanish investment property by taking the same route as you would when buying in your home country The Spanish authorities have also tightened the general security around property deals. These trends are tipped to continue in Spain, as other newer investment destinations in Eastern Europe and elsewhere have clearly proved to be rather risky and dangerous - and in some cases it has become clear that there is very little protection of investment interests. A case in point is Russia, which has witnessed capital flight as some investors have hurriedly left over some widely publicized bad experiences. Many of these foreign investors have opted to fall back on more secure and established investment destinations with longer track records of performance and investor interests protection.Whatever her shortcomings, you really cannot argue with the kind of investment performance that we continue to see with the Spanish property market.
About the Author
I have worked in the rentals business for the past 6 years and living in Spain for the past 4. I now manage Citrus Iberia (CB), a British Estate Agents on the Costa Blanca offering Spanish property for sale, Property management, holiday
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