During the Spanish property boom that took place during the earlier years of this decade, buyers became so caught up in the purchasing frenzy that the type of stock that they actually acquired really didn´t make too much of a difference to them. The most important thing in the (then) rising Spanish property market was to get a foot on the ladder, and with the glut of new-build 2 bedroom Spanish apartments that were built, most speculative investors ended up with this type of stock. If you analyse the proportion of 3 bed units that were actually built within any given development of apartments in places such as the Costa del Sol or the Costa Blanca , you will son realise that in most cases, only a small proportion of the development was allocated to 3 bed stock – normally the corner units and maybe some of the penthouses. So if we estimate that 3 bed apartments make up approximately 20% of the total number of apartments and penthouses within most developments in Spain , it is safe to assume that this ratio still applies in today´s rather more depressed and distressed Spanish property market. When we couple this with the fact that most buyers in today´s market are making the purchase with a longer-term vision and with the intention of using the properties themselves for family and friends, then a 3 bed property suddenly holds extra appeal. This is something that we have noticed in the last 6 months here at Your Key to Spain. Most enquiries via our website are from prospective purchasers looking for a 3 bed property in Spain . This presents the market with something of a problem. The glut of available stock is made up of 2 bed properties, while the majority of demand is focused on the harder-to-find, less frequently available 3 bed properties. Therefore while there are savage price wars developing between vendors of 2 bed Spanish properties in some developments, the well-located 3 bed units within the well-regarded projects are holding their own, and are actually sometimes in high demand. This doesn´t prevent eager buyers from expecting big discounts across all sectors of the Spanish property market, but prospective purchasers need to be realistic and take into account that smaller, micro-markets exist within the market as a whole, and these micro-markets are governed and manipulated in line with the same rules of supply and demand. Related Posts Everyone is after a Bargain Don´t Forget Spanish Property Purchase Costs! Don´t Buy Cheap – Buy Value!

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3 Bed Spanish Properties – Not as Cheap as You Think

I believe that the best way to go about searching for Spanish properties in the current market is as follows: 1.    research the areas so that you have a specific location in mind, eg Marbella 2.    browse the internet and speak to agents with properties advertised in your chosen area. 3.    ask the agents how they work – do they have their own stock of properties and do they have access to any more? 4.    ask them if they collaborate with other agents, and ask them if they work purely as ´property finders´ . With the sheer volume of properties in Spain for sale, many prospective buyers are turning to Property Finders for guidance. Here is why: Good property finders will have access to several thousand properties via their network of agents and the various multi-listing databases at their disposal. They will also have an intimate knowledge of your chosen location, and will be able to suggest plenty of options to help you. Property finders work by talking to you at length to ascertain your buying criteria, and they will then approach other agents via their network to get hold of the most suitable stock – imagine Phil and Kirsty on Location Location Location! This means that instead of only having a few hundred of the agent´s own properties to choose from, buyers can literally access the entire portfolio of available property in their chosen location. The other huge benefit is that buyers only need one point of contact to co-ordinate viewings, so rather than having to liasie with several different agents, you can work ´with´ the property finder very closely to fine-tune the search and secure the best property. Also, property finders have no allegiance to the vendors, so they are sure to try and secure the best possible deals for the buyer. Also, they are not tied by the handcuffs of representing both parties and so can give you their honest opinion of the Spanish properties that you are inspecting. And if you think this property finding service attracts an up-front cost, you are wrong. Property finders simply take a cut of the commission that the listing agent earns from the vendor. Related Posts Advice to Buyers – Who Can You Trust in the Spanish Property Market? - PART 1 The Weak Pound – Tips for UK Buyers of Spanish Property – Part 2 Mortgages in Spain

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Advice to Buyers – Who Can You Trust in the Spanish Property Market? - PART 2

The general feeling is that most British buyers are waiting for sterling to recover to particular ´trigger´ rates such as 1.15 and in particular 1.20 In fact, the last 2 weeks has seen a surge of UK enquiries for property in Spain after sterling rallied over 5% to hit the first of these magical triggers. But let´s look at this situation from the other side. As we previously mentioned, most of the Spanish properties for sale in the key hotspots of the Costa del Sol and Costa Blanca are owned by British vendors, and during the demise of sterling in the last 12 months, they have been able to lower their asking prices considerably, and in some cases accept incredibly low offers, precisely because of sterling´s dire straits.If someone had bought a property for 300,000 euros in 2005 at a rate of 1.40, they would have paid the equivalent of £214,286 If they sell the same property at a whopping loss of 30% (90,000 euros), and then change their proceeds from euros into sterling, they will net the equivalent of £190,909. Despite making a 30% loss on the price of the property, the real loss to them is actually only 10.9% (£23,377), not ´that´ bad considering all the doom and gloom around the Spanish property market. But this win-win situation is all set to change, and we are already seeing the effects of the recent recovery of sterling on the attitudes of buyers and sellers alike. Buyers from the UK are now becoming more confident in their ability to buy into the Spanish property market – after all, their pounds are now worth more over here in Spain…..aren´t they?? British sellers of Spanish properties are now toughening their stance when it comes to accepting low offers, and some are even raising their asking prices, all due to the fact that, as sterling rises against the euro, so their position worsens. For instance, if sterling pushes on to hit heights of 1.25, that same property that had previously cost 300,000 euros (£214,286) in 2005 would fetch just £168,000 if sold at a 30% loss at 210,000 euros. That represents a £22,909 loss on the figure that they could achieve by selling their property now (and a whopping net loss form the original price of £46,286, or 22%) even at the same price of 300,000 euros. Don´t be at all surprised to see the following occur in the next 12 months: -    an increase in the confidence of UK buyers of Spanish properties as economic conditions ease -    a perceived increase in UK buyers´ spending power as the value of sterling increases -    a hardening of attitudes by British sellers of properties in Spain -    low offers being rejected by British owners, with only offers close to the asking price being accepted -    potential for price increases in certain very popular areas This may come as a bit of a shock to many British buyers considering investing in Spanish property , but agents in the popular areas are seeing this happening on a day-to-day basis at the moment. It may sound far-fetched, but I fear it is true – the Brits are in danger of missing the boat and buying into the market too late to take advantage of what are clearly excellent conditions for anyone looking to snap up a Spanish property bargain . Related Posts Why Waiting For Sterling May be a Dangerous Game - PART 1 The Sterling Euro Exchange Rate – Does Anyone Really Understand? The Weak Pound – Tips for UK Buyers of Spanish Property – Part 2

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Why Waiting for Sterling May be a Dangerous Game - PART 2

Sorry if this news hits you as you sit at your desks with the rain lashing against the window, or as you sit at home with the curtains tightly closed and the central heating turned up full blast, but here in Southern Spain we are still waiting for winter to arrive. Apart from a few indifferent days in November, we have seen clear blue skies most days, with daytime temperatures averaging around 18 degrees – extremely pleasant for this time of year, and a real contrast with last winter, when it seemed the whole of Europe took a real battering from the weather. Here we are in December on the Costa del Sol , and although the nights can get a little chilly (you need to wear a jacket or a sweater), most people are walking around in shirt-sleeves, still enjoying the beaches and other outdoor pursuits. This weather on the Costa del Sol has got to be the perfect climate……and it´s only 2 ½ hours from the UK. What are you waiting for??!! Related Posts Spanish Properties Cannot Cope in the Cold Falling in Love with Spain…again! Winter Arrives on the Costa del Sol

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Still Waiting for Winter on the Costa del Sol

Many potential UK-based buyers of Spanish property are holding off in making a purchase, firm in the belief that they are best waiting until sterling has recovered at least some of its lost ground against the euro. Of course, this makes sense. Why buy something now, when you can get it for 20% less in 6 or 12 months time? But one interesting statistic may make those UK based buyers sit up and take notice. As one of the leading Spanish property portals, we have noticed increasing volumes of enquiries during the last 6 months – strange when you think of the financial mess everyone is supposed to be in. I guess this means that the purchase of a Spanish property is still on the agenda for plenty of people, particularly as the prices have come down and started to look so attractive. Although around 70% of our enquiries eminate from UK based clients, 70% of the actual sales volume can be attributed to non-UK buyers. And in the vast majority of cases, these buyers are from the eurozone. Yes, that´s right, although we are spending most of our time on the phone, sending information to, and touring British clients, our time is actually spent more productively (according to the sales figures!) with the Belgians, the Dutch, the Spanish and the Irish. These are the buyers that are snapping up the bargains whilst all of us Brits sit and wait for the pound to rally. And trust me, these eurozone buyers know exactly what they are doing. With many British vendors here in Spain able to heavily discount their property prices due to the tumbling pound, the Europeans are targeting these vendors for the best deals. It´s a win-win situation. The buyers are purchasing with a strong currency, while the vendors repatriate the sales proceeds back to the UK, and get a whole load more pounds for their euros! Everybody´s happy. I have 2 concerns for the Brits who are looking to invest in Spanish property : firstly, that we will see fewer and fewer genuine, well located Spanish property bargains as the truly distressed stock gets snapped up and the economic recovery commences….and secondly, that once sterling does start to rise in value against the euro, the British vendors here in Spain will be far more inclined to hold firm on their prices, even to the point of raising the prices to compensate for the stronger sterling euro exchange rate . It´s all a bit of a conundrum. At the moment, you really want to be a Belgian buying a distressed property from a Brit here in Spain. But who is to say that this situation won´t do an about-turn in the next 12 months? Watch this space. Related Posts Sterling is Rising! Sterling on the Rise - Great News for British Buyers in Spain Exchange Rate - should it prevent me from buying in Spain?

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Sterling Exchange Rate Forces Spanish Property Buyers to Wait

Here are some facts. 1. We are in the midst of a recession. 2. It is not the best time to be looking to achieve the best price for anything if you are selling. 3. There are some great deals to be had. Now, let´s translate these facts to the Spanish property market. If you are a prospective buyer and you have found a property in Spain that takes your fancy, then you will clearly want to secure the best deal. Now let´s pause a second……this is not an entirely different scenario to shopping for other commodities. For instance, if you fancy a new Mercedes, you would probably go and take a look at one or two dealerships and then haggle for the best price. Likewise, if you wanted some work doing at home, you would get a few quotes together and then try to secure the best price for the job.So, you´ve seen that perfect car for sale at €30,000 – would you go into the showroom and offer €15,000 for it? You´ve got your quotes for the jobs at home – would you realistically expect to get the job done for a 50% discount? The answer to these questions is likely to be ´no´. Ok, so you may well ask the question, but my guess is that is the answer is ´no´, you´d end up settling on a price that both parties deem fair. You certainly wouldn´t walk into Tesco and haggle over the bill at the checkout. So why do some Spanish property buyers think that they can make ridiculously low offers on properties that are already very clearly priced to sell? True, there are some desperate vendors and developers out there, but they may not necessarily be selling what you want to buy, and ALL of them are working to some sort of margin. In fact, in my experience most of them would rather wait and sell their properties at a fair price than simply give them away to the first low offer that comes along. Furthermore, a lot of sellers have mortgages to repay, and they simply cannot go lower on the price. I can understand buyers wanting to haggle, and I can understand that people want to secure the best deal. But there are some offers that are simply ridiculous…..and some that are also insulting. Related Posts The Spanish Mortgage Market Don´t Buy Cheap – Buy Value! The Weak Pound – Tips for UK Buyers of Spanish Property – Part 2

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Haggling Over the Price of a Spanish Property

My parents were here last week, enjoying a short holiday in Marbella , staying at the El Fuerte Miramar Spa hotel. They loved it….even more so after the deal I got them - €85 euros for a sea view room with breakfast – not bad, considering I´d been quoted €150 per night by the receptionist when I enquired 2 weeks before. I booked online at www.fuertehoteles.com although I suspect that the Miramar Spa is only open for another few weeks before it closes for the winter months. Its sister hotel, the El Fuerte, is also located on the beach and within walking distance of the Old Town and all of the shops, bars and restaurants in Marbella, and I understand that the El Fuerte is open year-round, although I am unsure about any special rates that might be available. These are 2 very well-located hotels. The Miramar Spa is a newer, more modern version of the traditional and rather quaint El Fuerte. My advice is if you can´t secure a good B&B deal online, don´t fret – there are plenty of local bars and cafes where you can pick up a coffee, croissants and juice for around €5 per person, so don´t worry about booking on a room-only basis. One thing I did notice though was the amount of Irish accents that I heard walking towards the hotel – mind you, I probably stumbled upon a tour party. Related Posts Tourists Flock to the Costa del Sol Despite Recession Great Offers at La Quinta Golf & Country Club Discounted Properties at Polaris World

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Great Deals at Marbella Hotel

Fed up of viewing the same old apartments during your hunt for the perfect property in Marbella ? How about a project with bags of character, built around cobbled streets and charming plazas with fountains and orange trees? How about a beautiful Moorish-style communal swimming pool and on-site clubhouse with elegant lounge that can be used exclusively by residents? How about all of this within a 10 minute stroll of golden sandy beaches, and just 6 minutes walk from one of the leading 5 star hotels in Marbella?And all of this on the Golden Mile, within a stone´s throw of the Saudi Royal Palace, just a 5 minute drive from the centre of Marbella, and an even shorter drive from Puerto Banus, one of the most exclusive yacht harbours in Europe. Hard to imagine? All of this does exist, and it´s name is Lomas del Marbella Club Pueblo – an elegant collection of individually styled and designed Marbella townhouses . This place is a real hidden gem, tucked behind the mosque and opposite the Puente Romano Hotel on Marbella´s Golden Mile, and offering sumptuous and characterful Spanish properties in a truly wonderful environment. Related Posts Record Month for Viewings of Property in Marbella New Marbella Port will welcome Cruise Liners An Agent Buys a Property in Spain - Part 7 - Another House!

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Looking for Something a Little Different in Marbella?

The profile of the typical Spanish property buyer has shifted markedly in the last 5 years. During the boom years, buyers were snapping up anything they could, with demand for Spanish properties outstripping supply, meaning that most buyers contented themselves with buying off-plan and waiting for completion………..just happy to be part of the investment bandwagon. One of the most in-demand regions a few years ago was the Costa Calida, located in the south-eastern corner of Spain, and home to the well-known Polaris World golf resorts . At the time, buyers felt that consolidated areas such as the Costa del Sol and Costa Blanca had reached their peak, and that better investment returns could be achieved by buying into a lesser-known area with big plans.With the onset of the recession, and the shrinkage in the demand for properties in Spain , many recent investors in the newer Spanish markets have taken a hit. With prices falling in many parts, buyers have been keen to buy into the more consolidated areas, and so we have seen a boom in enquiries for properties on the Costa del Sol and properties for sale in the Costa Blanca . The Costa del Sol and the Costa Blanca represent the 2 most popular areas of Spain for mass tourism, with a ready-made infrastructure that has stood the test of time. With most current Spanish property buyers searching for well-priced holiday homes in the most popular locations, instead of off-plan purchases in some promising backwater, the Costa del Sol and the Costa Blanca are coming into their own……..again! Related Posts Costa Blanca property - The Dream Haven Bad Press - Media Coverage of the Spanish Property Market - Part 3 Marbella Property - a market within a market

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Costa Blanca and Costa del Sol are the areas in demand!

With the European housing market stagnating, it seems that more and more home-owners are choosing to renovate their properties in Spain , instead of trying to find a new one. Acccording to Ted Jones, one of the most respected British builders on the Costa del Sol, he has seen a huge upsurge in the number of clients seeking his services for renovation projects on the Costa del Sol . Of course, many of the best-located properties in Marbella and the Costa del Sol in general were built over 10 years ago, and with many being used as 2nd homes or rental properties, some are now looking a little tired and shabby. So instead of taking a hit and trying to sell in a depressed housing market, many owners are simply investing in updating their properties – new kitchens, bathrooms and flooring seem to be the most popular updates. Although I actually bought a property in Marbella recently, I knew that it needed a lot of work to return the house to its former glory. Located on a stunning ´pueblo´ style development on the Golden Mile in Marbella , the house had not been touched by its former owner for 27 years, so it consequently needed a new kitchen, new bathrooms, new floors, new windows, re-wiring, and a substantial lick of paint. I have to say that Ted and his team were superb, completing the work on time (within 6 weeks!) and on budget….almost to the penny. They were also a pleasure to deal with, and have honoured their commitment to fixing those small snags that always crop up a few weeks after completion of the project. If anyone needs a good builder on the Costa del Sol, just get in touch with me and I will pass on the details to you. Related Posts Looking to build your dream villa in Spain? – now could be the perfect time! An Agent Buys a Property in Spain - Part 8 - Signed Up! Communal Living in Spain - A Few Things to Consider

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Builders on the Costa del Sol