In all property market downturns there is a lot of sitting on fences before committing to purchase, but there always comes a moment when price reductions get so interesting it's time to get down off the fence. Given the stable and steady increase in Overseas Property prices over the course of years, Property Investment still provides a safe and secure way to increase your wealth base.
Known commonly as distressed sales, property bargains are being offered to market at heavily discounted prices. A window of opportunity has opened up for buyers who want the best property at a reasonable price. That window won’t stay open for ever. The pound may still be struggling against the euro, but local price cuts in Spain have returned them to good value holiday destination status. Prices have fallen dramatically in Spain over the last 12 months, making the country one of the cheapest for typical holiday spending items in a 36-nation list.
Will property prices in Spain drop any further? In vastly developed areas quite possibly, although reputable & key areas are already seeing prices rise again. Well located and quality property has seen prices already bottomed out and the number of purchasers is increasing. It is more than six decades since residential tourists discovered the likes of Marbella and with the property market once again beginning to stir, Spain has some excellent properties for reasonable prices.
The Spanish Government, Developers and Banks are drawing a common strategy in an attempt to promote Spanish property market abroad, with the UK and German home buyers in the spotlight. Also to encourage buyers investing in property, the Spanish Government says it wants to give more security to foreign property buyers.
There are properties available at more or less the construction price and in the long term these have to be a good investment. It's a great time to buy a property for anyone with a long term vision and for their own use. As always the key when buying is location and with an abundance of completed property awaiting sale in key areas of Spain could make now the perfect time to invest.