Property in Spain Investment Overview for 2009 from Spanish Hot Properties
Posted by
SpanishHotProperties
1150 days ago
(http://www.spanishhotproperties.com)
Category: World & Business |
Well it’s been a truly horrible year for the world property markets and not just Property in Spain. However Spain has been hit exceptionally hard due to the extremely high percentage of property owners and buyers that originate from the UK and the impact they have on the International property market here in Spain and the current Sterling to Euro exchange rate seems like the final nail in the coffin to some developers and must sell home owners here in Spain, well that’s the view of Susana Suspenda the Marketing and Operations manager for Spanish Hot Properties. “Right now there are a lot of depressed people here in Spain who just cant see things getting any better and to a degree they are right but there are some real positives for 2009 for those property buyers and investors who are in a position to buy with prices coming down to such a level that in 2009 you will be able to buy certain properties and especially new properties at a price you couldn’t build them for once you have factored all the costs in. With more and more bank repossessions coming onto the market it is very unlikely that you will see an upturn in Spanish property prices in 2009 and it will probably be 2010 before you really start to see the market moving in a positive direction” explained Susana.
So the next big question for Investors is where to invest in Spain? Do you buy where there is truly incredible value in places where there is a huge oversupply of property, places like Costa del Sol and Costa Blanca with certain properties costing less than it would cost to build today or do you invest in places such as Mallorca where the price drop has been far less and on paper represents less value for money but due to the forward thinking local government with much less oversupply of property it is more likely to see a rise in these property prices before the prices increase in the Costas but the starting price per square meter is likely to be higher and therefore less gains are likely to be achieved. According to Susana Suspenda these are difficult decisions but the investor is fortunate to have such a choice and different investment fundamentals to take into consideration before making a decision. “Right now you can buy a brand new Apartment near Puerto Banus for €200,000 that was over €350,000 less than 6 months ago, however in Mallorca you can buy a brand new Apartment in Mallorca at a similar price that was €260,000 some twelve months ago. Its fairly clear which one is the better value but for investors value is only one of several considerations before deciding to invest and probably more importantly for investors its about there own investment strategy including simple things like income and growth” explained Susana.
Spanish Hot Properties through there Investor club and Spanish bank repossessions & distressed sales initiatives have provided and continue to provide with the information and support needed to make the right investment choices in a market that offers great opportunities as well as great pitfalls in 2009
Anyone interested in finding out more about buying property in Spain in 2009 should contact Spanish Hot Properties either by phone or by email.
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