In our first blog post we will focus primarily on Spain. Consistently in the news the Spanish Property Market is still reeling from declining prices and the change in Banking structure.
Many Brits and overseas investors have been stung by the collapse in the property market. Once perceived as a viable and lucrative investment holiday homes in Spain have now become a headache and a loss maker.
There is no doubt certain areas of Spain, namely Costa del Sol and Costa Brava, have seen declines to 50% of peak value in 2007. The problem is obviously the negative equity but foreign owners are finding it more and more difficult to let their properties. Low cost air travel are opening emerging holiday destinations which means Spain is no longer our guaranteed first choice for a summer holiday.
Many owners have simply handed keys back and this has brought the Spanish Legal System to a stand still. Bank restructuring means many simply do not know who their lender is anymore. Currently, the property market is a minefield but there are still good investments available and also ways out of negative equity and bank repossession.
Over recent months EU Property Solutions have been successfully negotiating the minefield for many clients. We are continually achieving positive results in Bank negotiations and settlements and giving foreign investors a route out. The main issue we find is many owners simply do not know what to do nor understand the processes in place currently and consequently ignore the issue.
By taking advantage of EU Property Solutions’ initial consultation we can give foreign home owners in Spain a clear picture of where they are and what steps need to be taken to move forward. Our expert team is ready to take your call and entertain your query.
We look forward to hearing from you.
James Bell – Director