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PRICING
Thirdly, check the pricing. Although many commentators think that it´s now a great time to pick up a bargain Spanish property, you will need to tread carefully when dealing with an off-plan project. If a developer acquired the land during the recent boom years, chances are that he will need to recoup this cost by charging a premium to his buyers. Ask your lawyer to find out when the land was purchased – this will at least give you an idea of the yields that the developer is working with.
PROJECT PARTNERS
If you are considering buying into a resort-style development in Spain, check the status of the contracts that have been drawn up between the developers and any 3rd parties that are critical to the project´s success, i.e. golf course management and design companies, hotel management companies etc. For instance, if the resort´s main selling point is the on-site premium hotel and spa, try and make sure that the hotel will be built, and is not just on the wish-list of the developer.THE FUTURE
If it´s true that we are fast approaching the bottom of the market for Spanish properties, now is very likely to be the best time to invest. However, it takes a brave buyer to commit to an off-plan purchase at this stage and in these uncertain economic times.
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