Friday, 27 August 2010
Buying property in Spain! Got all necessary information?
Did you know that Spain is the largest country in Europe after France but with just over 40,400,000 people, it is one the least densely populated!
Did you know that over 1.2 million foreigners have chosen to settle and buy properties in Spain, which attracts more than 52 million visitors each year!
Did you know that 640,000 new homes were built in 2004, a higher number than Germany, France and Italy combined. Predictions show that another 2 million homes will have to be built over the next 6 years to meet the demand for Spanish property!
It is not simply Flamenco or Bull Fighting or the San Fermin Festival or lots and lots of bright sunshine that is attracting more and more tourists and tempting people to settle in Spain from around the world.
Even if we ignore that Spain, for last thousand years or so, is the cultural center of the Europe, she has much more to offer to the world’s citizens, many of whom are looking for Spanish villas for sale.
The local Spanish developers had something different in their mind, the majority of the apartments or properties are bought for the good financial returns a buoyant market returns.
There are around 2,750,0000 empty flats around the country and most of them are not even for rent. Owing to this problem, a good number of Spaniards are not finding homes to live in though construction is one of largest employment sector there.
Never the less, the situation is changing. The government is trying to fix this problem by clamping down on planning permissions, although these measures for reform only started recently this will serve to build a financially secured Spain in future.
Currently those who invested in the past have largely disappeared and the houses and flats are now being owned by overseas clients and Spaniards who are buying them as relocation properties or holiday homes.
In any case the situation for foreign buyers is as lucrative as it is precarious. The Spanish property business, like any other business in any corner of the world, has attracted a number of middlemen, who, unfortunately, are as always eager make a fast ‘buck’ with prospective buyers. Experience has shown that when a person is trying to buy some property from a broker he or she runs the risk of overpaying and even fake buying. It is not always possible for an outsider to know the full history of these agents and we should not forget the old saying ‘seeing is believing’.
The Spanish property market changes frequently, before buying property in Spain a cautious buyer should primarily try to gather all relevant information regarding the property and the-then market scenario. A good place for research is always the internet where there are plenty of good helpful sites on buying property in Spain.