15 February 2016
Number of Brits Buying Spanish Property on the Rise Again
Ever thought about moving to somewhere sunnier, buying a holiday home or retiring to warmer climes?
Well, it looks like things are looking up if you want to buy a property in Spain.
Brits have always been drawn to the sunny shores of Spain but, since the financial crisis, property sales in Spain have fallen. With the difficulties of getting finance, along with the cost of the legal side of things and the logistics of it all, there had been a large drop in purchases.
But this year, with sky high UK house prices, people have found that they can now afford to buy abroad once more. Since April 2015, the Costa Blanca, Costa del Sol, Balearic Islands and the Canaries have all seen a 4.2 per cent increase in Brits buying property.
House prices in Spain are incredibly good at the moment, with properties being snapped up at bargain prices. It’s quite amazing what you can get for your money compared to the UK. With an increase in interest the best bargains may dry up quickly but prices are likely to be lower than at home for a similar property.
If you do decide that Spain is the place for you, make sure you get suitable legal help as there have been cases where new owners have lost everything due to insufficient advice. Find an independent legal specialist, familiar with both UK and Spanish law, who speaks English and has no connection to your seller, estate agent or property developer.
Make sure you check the developer’s track record and get references from previous buyers if you are buying a new build. You don’t want anything to go wrong and, worst case scenario, lose the property and be out of pocket.
When choosing a property in Spain remember that legal fees, expenses and taxes will increase the overall cost price. You will also have ongoing annual local taxes, service charges and maintenance costs. An experienced, Spanish property solicitor will be able to guide you through all the ups and downs of buying a home in Spain.
If you are considering buying a property in Spain, or any other country, please get in touch with Slater and Gordon’s international property team. We have an in-house Spanish property lawyer available if you wish to purchase in Spain.
Call us anytime 24/7on freephone 0800 916 9083 or contact us online and we will call you.
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