Investment in Spain
The property market in Spain
is providing fantastic opportunities for investors.
For the last four years property investors have
been making gains of between 30% and 100% on
money invested over a 12 month period. Often
the best investment opportunities for capital
growth are achieved in buying 'off-plan'.
In 2007, Valencia will be host
to the 32nd Amaricas Cup, Property and Real
Estate and land prices will soar. So if you are
seeking
to re-locateto this part of Spain, want a holiday
home or simply if you are an investor wanting
a substantial return on your investment – then
the expert say NOW is the time to buy.
The Facts are:
- The fastest growing area
in Europe
- Public awareness, via the media has shown
the ease of buying property overseas
- 800,000
families are set to immigrate to the coast
in the next 5 years
- The American Cup being
held in Valencia, 2007 (which is approx 1
hours drive from Denia)
- 11 million in the UK
have sufficient funds to re-mortgage/release
funds
for investment or
holiday homes
- Tourism continues to increase
to Spain by 1 million a year making it the
most established
holiday market
The saying in the UK used
all the time is "you
cannot beat bricks and mortar", in Spain
there is another train of thought "you cannot
beat buying off-plan". Property developers
give huge discounts as they recognise serious
investors at an early stage of a new site being
released. We are happy to keep you advised of
all new releases where this is likely.
Costs
When you have found a property we can introduce
you to reputable, English speaking lawyers to
guide you through the buying process.
As with buying a home in the UK, there are a
number of unavoidable costs associated with the
purchase of a freehold property in Spain. These
include a government tax, legal fees, notary
fees, land registration and necessary connections
to public utilities. As a rule of thumb we recommend
that you allow 10% of the contract price to cover
these costs.
We can also put you in touch with specialist
Foreign Exchange Brokers where you will gain
access to the most competitive exchange rates
available, making your money go further, giving
you more to spend on your property.
Stage Payments
For new build properties
you generally pay a 3,000€ deposit to
secure the property and fix the price. The
developer will include a payment
schedule with his contract, which typically may
involve two or three 'stage' payments throughout
the purchase transaction.
For a resale property inevitably the running
costs are bound to be a consideration. You will
be glad to hear that these are a fraction of
the cost of those in the UK.
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