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Given the woes the property market in Spain has suffered there are many considering investing in the Costa’s again. We note particular interest from British and Scandinavian purchasers. Bargain or “distressed” properties are available and EU Property Solutions are happy to assist potential purchasers with finding the right property and financing their project.
On recent visits to the Costa Del Sol our advisors have continued to grow our network in the region. We now have excellent ties with one of the biggest estate agents on the Costa with over 15 branches and a significant portfolio of properties ranging in size across many resorts and towns. Furthermore, we can assist in obtaining finance through direct contact with one of Spain’s leading Banks and also with Spanish IFA’s on the ground. EU Property Solutions can point you in the right direction on your Spanish Property search.
It is in EU Property Solutions nature to be slightly cautious when advising on property purchases. On a daily basis we see borrowers who have suffered at the hands of the market crash in Spain, and it is not only mortgage difficulties. In fact there are a range costs associated with a property in Spain. You will need to consider:
1. Community Fees – for upkeep of communal areas in many developments. These can be substantial and many clients often find themselves in arrears for this payment.
2. IBI Tax – similar to our council tax.
3. Non-Residents Tax – a tax for overseas property owners
4. Mortgage – goes without saying.
Furthermore, ensure you view the property and spend some time in the area. Many developments in Spain’s Costas are now “Ghost Towns” with little to no activity. There is likely a reason behind the property price being so low, sometimes it is too good to be true so ensure you do your homework before committing to a purchase.
Another factor to be aware of is that due to the abundance of repossessed and empty properties the Government has utilised some “prestigious” developments as areas for social housing. Needless to say this is not desirable for foreign property owners so again ensure you check the development out prior to signing on the dotted line.
If you are interested in purchasing a property in Spain please contact us on +44 (0)330 1241230 to discuss the next steps. Also, ensure you keep up-to-date with all things European Property via our website (www.eupropertysolutions.com) and through all the social media channels.
James Bell – Director